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This year, The New York Times overtook CNN as the leading US news website and saw visits increase substantially – which may have been helped along by their acquisition of popular word game Wordle.
Print Media
Johannes Gutenberg revolutionized communication when he invented his printing press in the 17th century. It quickly became one of the main modes of distribution, including news. Unfortunately, print media is more costly to update due to rapid news dissemination.
In spite of these challenges, newspapers continue to thrive and adapt their business models. Most have become subscription-based while taking advantage of new technology – for instance, some print publications now include QR codes or even AR technology in print publications! Many offer archived issues online as well as incorporate social media campaigns.
Some digital news outlets have taken to hiring videographers, podcasters and UX designers in order to boost the appeal and experience of their content for readers. Furthermore, these outlets are taking full advantage of social media by using platforms such as TikTok to reach their audiences.
Electronic Media
Electronic media offers many advantages over printed news sources; users can access it via computers and smartphones and it can be updated real-time, making it ideal for breaking news. Furthermore, it can also be used for advertising or promotional purposes.
Electronic media can be an immense distraction for users, who may become easily diverted by other websites and applications while trying to focus on one story at a time. This may result in loss of trust with content presented and may raise credibility concerns for its authors.
Some participants at the workshop suggested that direct government funding and tax incentives might help address market failure in public interest journalism. But they cautioned that any such support must be targeted towards specific news organizations with safeguards in place to guarantee independence, and also supplemented with other forms of public support such as crowdsourcing.
Tangibility
Tangibility is key when it comes to digital media. While people can still buy physical newspapers, many prefer reading news online because it feels more tangible. Teletext was once used as an early form of digital journalism that allowed viewers to select stories instantly before transitioning over to today’s internet.
Most media outlets maintain websites as well as apps and email newsletters to reach their audiences. About three-quarters have TikTok accounts to target younger consumers while only half have accounts on Twitter and Snapchat.
Though digital media has become wildly popular, its non-tangibility makes monetization challenging. Therefore, news industry revenues increasingly depend on advertising revenue rather than newspaper circulations; leading to their decline and an increase in digital news publishing – an effect likely to continue in future.
