It was a rough year for journalism in 2013, but a new opportunity lies ahead for anyone willing to redefine the industry’s business model. Traditional media saw shrinking readership and viewership, and social media websites appeared more like media companies delivering content and advertising.
Even though Facebook isn’t as popular anymore, teens are turning to “private social media” such as Snapchat and Instagram Direct.
With a shifted focus on “content,” Amazon founder Jeffrey Bezos acquired The Washington Post. Veteran journalist Katie Couric also made the jump to Yahoo, taking on a new challenge of digital content and new media.
Pew research shows that more and more people are turning to social networking sites for news consumption. A majority of Americans also seek out a full news story after hearing about it from family or friends. At the same time, media outlets are trying to determine how to keep industry values, quality journalism while maintaining a profitable formula.
News media saw shifting audiences and newsroom cuts putting the industry down 30 percent, according to “The State of the News Media 2013” report by the Pew Research Center. The Financial Times reports that CNN laid off more than 40 journalists at the end of 2013.
So what should media outlets do to save the industry and their businesses?
Industry experts from the BBC, CNN, ITV News, Trinity Mirror, and The Washington Post shared predictions for key trends in journalism:
- More mobile news consumption and responsive design
- Geo-targeted content and news apps
- Short-form video with smart phones
- Wearable tech with the possibility of news consumption
Are these trends realistic? The world is watching on as media giants experiment with new media in 2014.