News media outlets cut a record-breaking 2,700 jobs in 2023, with more losses predicted for 2024
By zoeysky // 2023-12-31
Copy
 
A study has found that news media outlets have slashed at least 2,700 jobs in 2023. Data from outplacement firm Challenger, Gray and Christmas has revealed that media companies overall have made 20,324 cuts so far in 2023, the highest year-to-date total since 2020. In recent weeks, Conde Nast, the Washington Post, Yahoo News, Vox Media and other news outlets have made significant reductions in their workforces. Popular Science, a storied science and technology magazine that has won many awards, has ceased its print edition. To ensure continued printing, other publications such as BusinessWeek and The Nation reduced production and have become monthly magazines. Overall, many media companies have shed thousands of employees in recent weeks amid what many used to consider "the most wonderful time of the year." The outplacement firm Challenger, Gray & Christmas has reported that many news outlets have cut nearly 2,700 jobs this year, the highest number of job cuts in the industry since 2020, the turbulent year that saw the whole world thrown into chaos by the global Wuhan coronavirus (COVID-19) pandemic. (Related: Recession fears surge as new job creation slows down, jobless claims rise.) Challenger, Gray & Christmas data also revealed in the "news" subcategory the firm tracks, at least 2,681 jobs have been cut, including those in broadcast, digital and print. That total exceeded the 1,808 cuts announced during 2022 and 1,511 announced the year before. Many major media companies have announced efforts to trim staff and reduce costs to survive a tough advertising market and general news fatigue by consumers. For example, the Washington Post aims to cut at least 240 jobs from its newsroom before the end of the year. Companies like Conde Nast and Vox have also implemented or announced major staff reductions.

Economy is resilient, but terminations are the norm for publishers

Even though the U.S. economy has been resilient, the unwelcome job cuts come during a rather challenging business climate for publishers, which have continued to see significant declines in social media traffic, which used to be the lifeblood of digital media publications, along with a very demanding advertising market and changing audience habits.

The cuts also come at an unfortunate period, especially given the state of the information environment and alleged threats to U.S. democracy.

The Left claims that at a time when anti-democratic candidates are trying to seize power in election contests throughout the country, newsrooms are seeing their reach and staffing shrink, if not go belly up entirely. According to Left, this lack of accountability implies that the dishonest figures seeking higher office will face less scrutiny and leave the electorate less informed.

Margaret Sullivan, a columnist at the Guardian who previously wrote about media for the Washington Post and the New York Times, said she was concerned about the bigger consequences the job losses in the news business will have on the country.

Sullivan said the loss of journalists "contributes to the exponential growth of news deserts in large swaths of the nation — and that's disastrous when misinformation is rampant." She concluded that democracy requires "an informed electorate in order to function and that is tragically dwindling in many regions."

Visit MarketCrash.news for similar stories about job losses in other industries.

Watch the video below to learn about job loss due to automation. This video is from the AMPNews channel on Brighteon.com.

More related stories:

ESPN to commence LAYOFFS as part of larger Disney job cuts. UK’s Guardian newspaper apologizes for its links to SLAVERY. SupPRESSed: Kansas cops raid newspaper office and publisher’s home, seize gadgets and records. Sources include: TheHill.com ChallengerGray.com Brighteon.com
Copy