2019 was a transformative year for the U.S. news media industry, but it was also one of the most turbulent points in its history.
The big picture: There were enormous business challenges, which resulted in an unprecedented number of layoffs, desperate product maneuvers and fire-sale deals.
Driving the news: The impeachment of President Trump by the House of Representatives on Thursday was prompted by a whistleblower’s complaint, but the stage was set by the dogged reporting of many journalists across the country.
- But despite those efforts, the economic outlook of the news industry is still grim heading into 2020.
- The impeachment process has proven that voters are starting to tune out political coverage, which for the past few years has been the news industry’s biggest money-maker. That reality, coupled with an anticipated recession, has newsrooms on edge.
Where things stand: 2019 was a particularly brutal year for older news industries, like newspapers, magazines, television and radio. Revenue for television was down nearly 4% this year, and for print it was down nearly 20%.
- Legacy magazine brands that were once considered must-reads, like Sports Illustrated, struggled to find suitors. Magazine titans like Conde Nast are expected to miss their revenue numbers given a bleak advertising forecast.
- Univision, one of the largest media companies that serves America’s fastest-growing population, is looking for a buyer to help it crawl out of a massive debt hole, driven by a private equity investment gone bad.
Be smart: Legacy industries still continue to serve local news markets, which are mostly void of the same investments financially, and in tech and talent, as national outlets.
- The two biggest local newspaper holding groups — New Media (GateHouse and Gannett) and McClatchy, which collectively house over 700 newspapers — had a combined market cap value as of Thursday of less than $400 million. By comparison, Apple, which this year launched its own news product, is worth more than $1.2 trillion.
- Meanwhile, several other papers serving major markets closed, like the 150-year-old Vindicator in Youngstown, Ohio and the beloved OC Weekly in California.
Regulators, aware of the realities that legacy industries and local media face in a digital world, continued efforts to level the playing field this year, mostly by trying to roll back decades-old rules and legal agreements that may be keeping them from growing.
- But their efforts have proven mostly moot, as most consumers have already migrated away from those mediums to a handful of apps owned by Silicon Valley titans.
- Policymakers did began to more meaningfully consider regulating internet giants in 2019, but a gridlocked Congress and powerful lobbying forces have so far prevented any meaningful internet regulation from getting passed.
In the markets, a string of highly-anticipated IPOs faltered in 2019, which forced investors in private media companies to push for quicker paths to profit.
- Given that news is traditionally a slow-growth business, many desperate efforts to make money quickly, like launching half-baked subscription or video products, fell short.
- For some media upstarts, that pressure proved perilous. Splinter, the left-leaning news and opinion site, shut down this year after its parent company, G/O Media, was purchased by a private equity company for less than half of what it was worth just three years earlier.
- Its sister company, Deadspin, is now essentially defunct.
The big picture: As a result of these realities, investor sentiment in digital media has begun to slip, and investments in the sector are predicted to decline in the next decade.
- That matters because over the past few years, private investment into media companies soared, at all levels.
- Many of the venture-backed media companies that were expected to go public eventually, like Buzzfeed and Vice Media, no longer seem heading in that direction. Disney this year wrote down all of the $400 million it invested in Vice.
Between the lines: These challenges took a human toll on journalists and news industry employees around the country. By some estimates, nearly 8,000 people were laid off or lost their jobs in media in 2019. That level of attrition is on pace to be the highest it’s been since the 2009 recession.
Yes, but: The challenges that most media companies face have forced them to innovate faster, and in many cases, reach new heights.
- Most media companies distribute content to far more people than ever before through dozens of new channels ranging from Netflix to TikTok.
- Many broke stories this year that will define our generation, like The Washington Post’s investigation into the decades-long lies told by officials about the war in Afghanistan or The Miami Herald’s explosive reporting about Jeffrey Epstein.
The bottom line: But despite those feats, news media companies as a whole have mostly suffered — and there’s no sign that the economic outlook is going to get better any time soon.
Are You Missing Life’s Moments Because of Social Media?
Recently my wife and I watched the movie Before Sunrise , starring Ethan Hawke as Jesse and Julie Delpy as Celine. While travelling on a Eurail train from Budapest, Jesse, an American, sees Celine, who’s French. It’s Jesse’s last day in Europe before returning to the US. Jesse strikes up a conversation with Celine, and they disembark in Vienna to spend the night wandering Austria’s capital city.
Summary: Before Sunrise is a back-and-forth conversation between a romantic [Celine] and a cynic [Jesse].
During the closing credits, I turned to my wife and said, “That wouldn’t have happened today. Jessie and Celine would have been staring at their respective smartphone throughout the train ride, which in 2021 would have free Wi-Fi, not noticing the passing scenery, their fellow passengers or each other, let alone start a conservation.”
How much of real life are we trading to participate in the digital world?
I have this problem; actually, it’s more of an addiction I need to keep in check constantly. I suffer from FOMO [Fear of Missing Out].
You’ve probably heard of FOMO. Odds are you suffer from it to a degree. FOMO is that uneasy feeling you get when you feel other people might be having a good time without you, or worst, living a better life than you. FOMO is why social media participation is as high as it is. FOMO is why you perpetually refresh your social media feeds, so you don’t feel left out—so that you can compare your life. FOMO is what makes social media the dopamine machine it is.
FOMO has become an issue, especially for those under 40. More and more people choose to scroll mindlessly through their social media feeds regardless of whether they’re commuting on public transit, having dinner in a restaurant, or at a sports event. Saying “yes” to the digital world and “no” to real life is now common.
Your soulmate could be sitting a few seats over on the bus (or Eurail train), or at the diner counter, or in the doctor’s waiting room. However, you’re checking your social media to see if Bob’s vacationing in Aruba with Scarlett or if Farid got the new job and may now be making more money than you. Likely, your potential soulmate is probably doing the same.
Look around. Everyone is looking down at the screen in their hand, not up at each other.
We all know Facebook, Instagram, Twitter, Snapchat, et al. [even LinkedIn] doesn’t provide a very well-rounded picture of people’s lives. Most of what people post is cherry-picked to elicit self-affirming responses, such as likes, thumbs-up and hand-clapping emojis, retweets, shares, and those coveted comments of “Congratulations!”, “Way to go!”, “You’re awesome!”, “Looking good!”
The Internet, especially its social media aspect, equates to “Look at me!”
Sometimes I wonder, if bragging and showing off were banned on social media sites, how much would posts decrease?
“Stop paying so much attention to how others around you are doing” was easy advice to follow pre-Internet (the late 90s). Back in the day, it would be only through the grapevine you were a part of that you found out if Bob was in Aruba with Scarlett and that be without pictures. Evidence of how others are doing, strangers included, is pervasive because undeniably, most of us care about status. In 2021 how people are doing is in the palm of our hands, so we tend to give more time to the device we’re holding at the cost of neglecting the real-life happenings within our immediate surroundings.
Social media has made us a restless, anxious bunch underappreciating the present moment. With lockdown restrictions lifting and more social activities taking place, people will be hunkering down on their smartphones more than before to see what others are doing. They’ll see the BBQ they weren’t invited to or people they consider to be friends having a few laughs on the local pub’s patio or camping or at the beach without them. Loneliness, questioning self-worth, depression will be the result.
Trading engaging with those around you to feed your FOMO angst is what we’ve come down to. In my opinion, Guildwood is the GTA’s most walkable neighbourhood. You can choose to take walks around Guildwood, getting exercise, meeting people or stay addicted to the FOMO distress social media is causing you.
Instead of catching up with an old friend or colleague in person over lunch, coffee, or a walk in Guild Park & Gardens, people prefer to text or message each other on social media platforms eliminating face-to-face interactions. Instead of trying to reconnect with old friends verbally, people would rather sit at home with their technology devices and learn what their friends are up to through social media platforms, thus the start of a slippery slope towards anti-social behaviour.
Social media’s irony is it has made us much less social. How Jesse and Celine meet [you’ll have to see the movie] and the resulting in-depth conversation they have as they gradually open up to each other, thus beginning a postmodern romance wouldn’t have happened today. They’d be too preoccupied with their smartphones feeding their FOMO addiction to notice each other.
Social media will always nudge you to give it attention, but that doesn’t mean you have to oblige. Take it from me; there’s more to be had in enjoying life’s moments outside of social media.
Nick Kossovan is the Customer Service Professionals Network’s Director of Social Media (Executive Board Member). You can reach Nick at firstname.lastname@example.org and him on Instagram and Twitter @NKossovan.
Jennifer Lopez and Ben Affleck pictured kissing as ‘Bennifer’ returns
Jennifer Lopez and Ben Affleck have been pictured exchanging passionate kisses, apparently confirming weeks of fevered rumors that they have rekindled a romance that dominated celebrity media almost 20 years ago.
Paparazzi photos printed in the New York Post on Monday showed the two actors kissing while enjoying a meal with members of Lopez’s family at Malibu’s posh Nobu sushi restaurant west of Los Angeles on Sunday.
Representatives for Lopez, 51, declined to comment on Monday, while Affleck’s publicists did not return a request for comment.
Lopez and “Argo” director Affleck, dubbed “Bennifer,” became the most talked about couple in the celebrity world in the early 2000s in a romance marked by his-and-her luxury cars and a large 6.1-carat pink diamond engagement ring. They abruptly called off their wedding in 2003 and split up a few months later.
The pair have been pictured together several times in Los Angels and Miami in recent weeks, after Lopez and her former baseball player fiance Alex Rodriguez called off their engagement in mid-April after four years together. Monday’s photos were the first in which Lopez and Affleck were seen kissing this time around.
Celebrity outlet E! News quoted an unidentified source last week as saying Lopez was planning to move from Miami to Los Angeles to spend more time with Affleck, 48, and was looking for schools for her 13-year-old twins Max and Emme.
Max and Emme, along with the singer’s sister Lydia, were also photographed walking into the restaurant in Malibu on Sunday.
Lopez married Latin singer Marc Anthony, her third husband, just five months after her 2004 split with Affleck. Affleck went on to marry, and later was divorced from, actress Jennifer Garner.
(Reporting by Jill Serjeant; editing by Jonathan Oatis)
TikTok debuts new voice after Canadian actor sues
After noticing a new female voice narrating the videos on , users of TikTok were baffled as to why. It actually turns out that the Canadian actress behind the old voice filed a lawsuit against the platform for copyright violation as her voice was apparently being used without her permission.
Bev Standing, , is taking China-based ByteDance to court. TikTok’s parent company has since replaced her voice with a new one, with Standing reportedly finding out over email after a tip-off from a journalist. On the matter, Standing said: “They replaced me with another voice. I am so overwhelmed by this whole thing. I’m stumbling for words because I just don’t know what to say.”
TikTok is said to be considering a settlement for Standing outside of the courts, but nobody knows whether or not this is true. According to legal experts, the fact TikTok now has a new voice on the popular social media app suggests they acknowledge Standing’s case and potentially understand that she may have suffered as a result of the company’s actions.
Thanks to the emergence of the powerful smartphone devices of today, alongside taking high-quality images for Instagram, getting lost down YouTube wormholes, and , people are turning to relatively new platforms like TikTok. The service has 689 million monthly active users worldwide and is one of the most downloaded apps in Apple’s iOS App Store. This latest news could harm the platforms future, although many of its younger users potentially aren’t aware that this type of scenario is unfolding.
For Bev Standing, the ordeal is a testing one. She wasn’t informed of the voice change, there is no mention of it in TikTok’s newsroom online, and the development is news to her lawyer also.
This all comes after her case was filed in a New York State court in early May after the voice actor noticed a computer-generated version of her voice had been seen and listened to around the world since 2020. Speculation is rife as to how TikTok managed to obtain the recordings but Standing believes the company acquired them from a project she took part in for the Chinese government in 2018.
The Institute of Acoustics in China reportedly promised her that all of the material she would be recording would be used solely for translation, but they eventually fell into the hands of TikTok and have since been altered and then exposed to a global audience.
According to Pina D’Agostino, an associate professor with Osgoode Hall Law School at York University and an expert in copyright law, the fact that the hugely popular social media platform has now changed Standing’s voice could result in a positive outcome for the distraught voice actor. She said: “It’s a positive step in the way that they are mitigating their damages. And when you’re mitigating, you’re acknowledging that we did something wrong, and you’re trying to make things better.”
When assessing social media etiquette and how both companies and users should act, this type of news can only do more harm than good. Not only does it make the company look bad, but it could have an effect on revenues and, ultimately, TikTok’s reputation.
With a clear desire to move on and put this whole process behind her, Bev Standing is eager for the case to be resolved and get back to the daily work she loves and has been doing for a large part of her life. TikTok has until July 7 to respond to her claim.