How the changing face of journalism affects businesses

By STEPHANIE MALENCH
For the Illinois Business Journal

In June, Redline PR reported that the United States is losing on average two newspapers each week. The decline in print media affects more than just where we get our facts from to remain educated about the world around us. As business owners, the decline in print media also means a decline in the opportunity to reach customers through advertising, special interest stories (grand openings, change of ownership, etc.), and industry developments. 

Or does it?

The Redline report states while print media is decreasing in smaller markets, publications such as the New York Times have seen an increase in circulation revenue reaching $1.55 billion in 2022. Others, such as the Wall Street Journal, are seeing increases in digital-only subscriptions, with 3.4 million of their 3.9 million subscribers being digital-only as of August 2023.

Speaking of digital, the rise of social media has made it where anyone can report news as it is happening. Unfortunately, social media has also given rise to reports of “fake news” based on loosely gathered rumors or one-sided reporting. This can be especially devastating for businesses that rely on word of mouth to get traffic.

Just as it always has, professional journalism is adapting to meet the needs of the world. People can choose how they get their news: print newspapers, online only papers, hybrid newspapers (same online as print), radio, television, blogs, podcasts, and more. 

Keeping print and digital newspapers, radio, and television news are excellent sources of earned media for businesses to receive positive publicity through press releases, pictures from events, reviews, and more. In the 2021 Trust in Advertising Survey by Nielson, the leading media survey company in the world, found that 88% of respondents said they are most trusting of recommendations from people they know. For many, the newspaper is still seen as a friend to be trusted.

To combat the rapid growth of fake news and rumors on community sites and personal blogs, many traditional media organizations are creating their own accounts on social media platforms to not only share news in places readers prefer to consume their news, but to monitor and dispel fake news. Professional trade groups maintain blogs on their websites and host podcasts with industry experts to keep their members up to date.

Due to this change, newspapers no longer need employees with just journalism and marketing degrees. Media studies, social media, and mass communications degrees or experience are crucial for newspapers to expand their reach into new markets that may otherwise become “news deserts”. While the underlying story may be the same, different platforms have different requirements, especially when it comes to photos, which are often the backbone of major stories.

Diversifying platforms for sharing stories is also a way to bring in critical revenue to keep the presses running or the microphones and cameras recording. While print newspapers and television news are traditionally the main sources of news for older adults, social media and podcasts are the preferred way to keep on top of events for younger people. Each audience will attract its own advertisers, so the same story on multiple styles of media will bring in additional revenue. The Nielsen Trust in Advertising Survey also found that Millennials and Gen X consumers are more trusting of advertisements than other generations, making paid advertorials and ads on their favorite podcast and other digital media or a recommendation by their favorite social media influencer an effective way to make up the difference in revenue from print media.

Whatever the format or platform, to keep the integrity of journalism alive five core values must be passed on to journalists, no matter what their degree or background is:

• Truth and Accuracy: Getting the facts straight is the cardinal principle of journalism. A trained journalist will give all of the relevant facts after checking them for an accurate story. Having all of the facts is as close to the truth as humanly possible.
• Independence: Journalists must report independently of any political beliefs, financial arrangements, or other personal information that may be seen as a special interest.
• Fairness and Impartiality: Writing a balanced story with background information and when appropriate multiple perspectives further enhance the idea that the media source is not biased in one direction.  
• Humanity: Be aware of how the story will impact others. Do no harm.
• Accountability: Correction of errors printed and genuinely expressing regret is a sign of responsible journalism. 

Employees not only at print media companies, but radio and television stations and businesses need to develop a robust and educated social media plan as a way to tap into as many audiences as possible. Wherever the final story gets published, a legitimate news story will cover the Who, What, When, Where, Why, and How of the event.

No matter what happens to print newspapers, as long as we have the 1st Amendment protection of Freedom of the press, the news will get out as long as businesses continue to advertise and citizens support their local papers through digital or print subscriptions.

 

(Editor’s note: This story also appears in the August 2024 print edition of the Illinois Business Journal.)