. . . its delivery system and economic engine have just morphed into a different form in a galaxy far, far away.
Newspapers are going bankrupt. Magazines are hemorrhaging. Journalism is threatened. The Internet is exploding with new knowledge sharing. What is going on here?
Newspapers and magazines have forgotten what business they are in. The apparent decline of journalism is an unintended consequence.
Newspapers and magazines thought they were in the publication business. In reality at their core they were in the journalism business, but shifted to be in the entertainment and knowledge sharing business. Now the Internet handles both of these much better than newspapers and magazines.
Railroad companies thought they were in the train business and declined. Airlines thought they were in the flying business and went bankrupt. Automobile companies thought they were in car and truck producing and selling business and had to be bailed out. March of Dimes thought they were in the fighting polio business and found it necessary to reconceptualize their mission when polio was substantially eradicated.
For newspapers and magazines their delivery system and economic engine died or is severely wounded. It is hard to sell publications when information wants to be free and instantaneous. It is hard to sell publications when today’s newspaper and this month’s magazine is old news when delivered.
Perhaps the publishers of newspapers and magazines will rediscover journalism before it is too late.
