The Chronicle's announcement earlier this month that 100 newsroom jobs will be slashed in the coming weeks in the face of mounting financial woes represents just the latest chapter in a tragic story of traditional journalism's decline.
Oh, the humanity!
Reportedly losing an estimated $1 million a week, the paper's owner, the Hearst Corp., concluded it had no recourse but to trim costs by laying off reporters, editors and other skilled professionals, or offering buyouts to the most seasoned journalists in order to induce them to leave. The cuts reportedly will amount to a quarter of The Chronicle's editorial staff.
"You're right, I did lose a million dollars last year. I expect to lose a million dollars this year. I expect to lose a million dollars *next* year. You know, Mr. Thatcher, at the rate of a million dollars a year, I'll have to close this place in... 60 years."
William Randolph Hearst — Charles Foster Kane —
In the age of "new" media, this rollback in "old" media may be among the most drastic in recent memory, but it is nothing new to the public. Indeed, across the country newspapers have suffered enormous financial losses over the past decade, with far fewer professionals today covering the news locally, nationally and internationally as a result of the industry's contraction. The factors behind this shrinkage are sadly familiar: The rise of the Internet has produced sharp declines in traditional advertising revenues in the printed press. Free online advertising competitors such as Craigslist.com have sharply undermined classified advertising as a traditional source of revenue.
While this may be true, the money saved by people and businesses placing online ads can be spent on other items advertised in the newspaper. It is merely a matter of retargeting oneÂ’s marketing. Email has yet to put the post office out of business.
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