The Conversation - Journalism's market failure

+ whatever happened to free time? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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In the mid-2010s, a host of wealthy entrepreneurs, philanthropists and investors – including Laurene Powell Jobs, John Henry, Jeff Bezos and Patrick Soon-Shiong – poured hundreds of millions of dollars in legacy media outlets in the hopes of shoring up an industry that had endured a long, steady decline.

Many observers praised these developments, seeing well-meaning billionaires as journalism’s last, best hope.

But back in 2017, media scholars Rodney Benson and Victor Pickard wrote an article for The Conversation in which they warned of the risks of “being in thrall to these benefactors,” who “may threaten, more than strengthen” U.S. democracy.

They were right. Seven years later, Soon-Shiong and Bezos have slashed their newsrooms at the Los Angeles Times and The Washington Post, respectively, in the hopes of reversing financial losses. It turns out that the bottom line still matters – no matter how well-meaning investors may be or and how many billions are in their coffers.

In a new article, Benson and Pickard break down what’s happened over the past few years. They explain the forces that have accelerated the media industry’s systemic market failure, and they outline what a robust media system – one that works in the public’s interest and can resist market pressures – might look like.

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Nick Lehr

Arts + Culture Editor

Billionaire media owners can’t change inhospitable market dynamics. Kent Nishimura/Los Angeles Times via Getty Images

Saving the news media means moving beyond the benevolence of billionaires

Rodney Benson, New York University; Victor Pickard, University of Pennsylvania

How can an industry experiencing systemic failure get back on its feet?

Arts + Culture

  • Why is free time still so elusive?

    Gary Cross, Penn State

    In 1930, economist John Maynard Keynes famously predicted that within a century, the normal workweek would decrease to 15 hours. Why was he wrong?

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