Wednesday, April 15, 2009

The Future of Journalism

According to the Financial Times three German journalists managed to sneak in to the 'listening room' at the G20 conference. Way to scoop a story - good on ya, boys! Coups like this give investigative journalists hope for the future.
Journalists are taking the brunt of this recession, and layoffs are rampant. Newspapers are closing, filing for bankruptcy or scaling down. Advertising in newspapers and magazines is expected to fall by at least 10% this year. Financial journalists used to have the key to the executive washroom. We understood our markets, and our publishers reaped huge amounts of money for exclusive newsletters and papers. Since the financial crisis caught the attention of Joe Sixpack American, every newspaper, TV station, radio station and magazine in the world is suddenly a financial markets specialist. Sales of expensive, in-the-know trade publications are falling along with incoming adverts.
Maybe once the crisis is over the general public will be bored with hearing about credit default swaps. And the specialist trade publications will once again shine. Here's hoping.

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