Traditional Media Faces Major Job Cuts in 2024 – Is Folk Media the Future?

The Media Industry in crisis: A Shift from Customary to Digital Platforms

The media industry is at a crossroads, grappling with a profound conversion as traditional outlets face unprecedented challenges.In 2024, over 3,875 journalism jobs were cut across the UK and the USA, according to recent data. While this represents a decrease from the 8,000 layoffs recorded in 2023,it highlights a persistent decline that has haunted the sector for years.

The Decline of Traditional Media

From newspapers to broadcasters, no corner of the traditional media landscape has been immune to the wave of layoffs.For instance, The Evening Standard, a prominent UK publication, slashed 150 jobs after shifting from a daily to a weekly format. Even industry giants like the BBC have been forced to implement repeated workforce reductions, underscoring the fragility of the sector.

In the USA, the situation is notably grim. Nearly 75% of the job losses in 2024 occurred there. The abrupt closure of The Messenger, a digital news platform, led to 300 layoffs, while the Associated Press announced an 8% reduction in it’s U.S. workforce. These cuts reflect a broader struggle as traditional media outlets fail to adapt to the digital age, losing advertising revenue to more agile online competitors.

The Rise of Digital Platforms

As traditional media stumbles, digital platforms are flourishing. Social media networks, especially X (formerly Twitter), have emerged as primary news sources for many. This shift is driven by declining trust in conventional journalism. According to the Ipsos Global Trustworthiness Index for 2024, only 27% of people consider journalists credible, while 35% view them as untrustworthy. Journalists now rank as the sixth least credible profession, just above politicians, who sit at the bottom with a mere 15% credibility rating.

“With such low trust,it can be argued that a world without the old media houses opens up for a people-run,more democratic and decentralized everyday media life.”

This erosion of trust has driven many to seek choice news sources, often turning to social media for real-time updates and diverse perspectives. The rise of citizen journalism and decentralized platforms has further disrupted the dominance of traditional media, offering fresh voices and new ways to consume details.

What Does the Future Hold?

The future of media remains uncertain, but one thing is clear: the industry must evolve to survive.Traditional outlets must find innovative ways to regain public trust and compete with digital platforms. Meanwhile, the rise of decentralized media and citizen-driven content suggests a more democratic and participatory future for news consumption.

As the lines between traditional and digital media continue to blur, the challenge lies in balancing credibility with accessibility.The media landscape is no longer a one-way street; it is a dynamic, ever-changing ecosystem where adaptability and authenticity will determine who thrives and who fades away.

In an era where anyone with a smartphone can become a content creator, the phrase “You are the media now” has taken on a profound meaning. The rise of user-generated content is transforming how news is produced, shared, and consumed, challenging the long-standing dominance of traditional media outlets.

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Is Folk Media the Future of News?

Social media platforms like X (formerly Twitter) and Facebook have fundamentally altered the news landscape. These platforms enable everyday individuals to contribute directly to the news cycle, breaking down the barriers between content creators and their audiences. This shift has introduced a new dynamic, where user-generated content plays a pivotal role in shaping public discourse.

The democratization of media has allowed for a broader range of voices and perspectives to be heard. Social media’s ability to disseminate information rapidly provides a real-time,unfiltered view of events,often aligning more closely with what audiences genuinely care about. This immediacy fosters a more participatory and inclusive surroundings, where people feel more connected to the stories that matter to them.

As niche media outlets and individuals continue to share opinions, analyses, and real-time updates, traditional media organizations are being forced to adapt. Established news outlets now act as curators, sifting through the vast amount of content generated on digital platforms to provide context and credibility.

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This trend shows no signs of slowing down. Folk media—content created by ordinary people—is becoming a dominant force in the information ecosystem. Its ability to act quickly, decentralize influence, and foster open dialog is reshaping the media landscape. Traditional outlets, once the gatekeepers of information, are finding it increasingly difficult to maintain their relevance in this new era.

Is it time for the media landscape to evolve further? Should we shift our focus from traditional institutions to the broader, more agile power of folk media, which encourages faster action, decentralized influence, and greater democratic participation?

The author of this article is employed by Ipsos.

What is Causing the Decline of Traditional media?

The future of traditional media is increasingly uncertain. Without significant restructuring, many outlets risk becoming obsolete. Digital platforms, conversely, continue to grow, leveraging their agility and ability to adapt to changing consumer preferences.

For traditional media to survive, they must find innovative ways to rebuild trust and compete in a crowded digital marketplace. This could involve embracing new technologies, fostering transparency, and rethinking their business models to align with the demands of a digital-first audience.

As the media industry continues to evolve, one thing is clear: the days of relying solely on print and broadcast are over. The future belongs to those who can adapt, innovate, and earn the trust of an increasingly skeptical public.

What Does the Future Hold?

In today’s fast-paced digital world, the phrase “you are the media now” has never been more relevant. Private individuals are increasingly empowered to create, share, and influence content on a massive scale, reshaping how news is consumed and distributed.

Platforms like X (formerly Twitter) and Facebook have revolutionized the way news is delivered, challenging the dominance of traditional media outlets.The rise of user-generated content has introduced a new dynamic, where everyday people can directly contribute to the news cycle, breaking down the barriers between creators and audiences.

This shift has democratized the media landscape, allowing for a more diverse range of voices and perspectives.Social media platforms, with their ability to rapidly disseminate facts, provide a real-time, unfiltered view of events. this immediacy often aligns more closely with what audiences truly care about, fostering a more participatory and inclusive environment.

As more individuals and niche media outlets share opinions, analyses, and real-time updates, the role of traditional media is being redefined.Established news organizations are now compelled to act as curators, sifting through the vast amount of content generated on digital platforms to provide context and credibility.

This trend is only accelerating. Folk media—content created by ordinary people—is becoming a dominant force in the information ecosystem. Its ability to act quickly, decentralize influence, and foster open dialogue is reshaping the media landscape. Traditional outlets, once the gatekeepers of information, are finding it increasingly tough to maintain their relevance in this new era.

Is it time for the media landscape to evolve further? Should we shift our focus from traditional institutions to the broader, more agile power of folk media, which encourages faster action, decentralized influence, and greater democratic participation?

The author of this article is employed by Ipsos.