News Reinvention or Collapse
There is understanding taking place in American newspaper and magazine organizations to either reinvent themselves or face bankruptcy. We are not just talking about your "hometown gazette" but New York Times, Newsweek, and the Washington Post! Major changes have to take place or all newspapers organizations will face more layoffs and less circulation. Those situations then burden the company, minimize profit and increase expenses. A collapse of the news industry soon follows.
Local and Regional newspapers have already felt the hit of economic pressures. Many have either closed their doors or dramatically cut their staff. Regional newspapers also lack the cash to go solely online or the readership. For the national newspapers, online only has become a new movement to decrease staff and increase profits. The Christian Science Monitor recently went through this reinvention. It went from a daily newspaper to a weekly print. The majority of its news will now only be online.
In recent articles the New York Times and Newsweek both plan to make these reinventions to stay afloat. The problem with the newspaper industry is that many people are going online, reading less and finding it harder to get advertisement in these economic times. So, Newsweek decided to be different. They will no longer cover every major event with reporters and photographers. This large expense, usually only leads to a small story with minimal return. Newsweek rather will begin to focus their attention on the most "newsworthy" items and show a multiplicity of opinions.
The New York Times is reinventing by becoming "the last man standing". This strategy is to fill the void of other newspapers that are continuing to decrease circulation or shut their doors. Thus when the recession ends, the New York Times will be in better shape then ever. Also they have already be far ahead of other newspapers in the online world with NY TIMES.com.
My question is this... If Newspapers are forced to fold or reinvent then why are not the automakers, banks and governmental programs? In a free market system, the equilibrium is what the market is always moving towards. It is in process of always "fixing" itself. The automakers should do the same. Either reinvent and actually be able to compete with Asian car giants like Toyota and Honda or hit the streets. Responsibility requires this. The government should as well, "Reinvent or collapse..."
Tell me what you think below.
