I read the recent news of the layoffs of several dozen journalists at The New York Times with a heavy heart. Traditional news media organizations have been in increasing trouble for years now, and it’s unclear exactly how many newsroom jobs are being eliminated each year.
Traditional print publications are struggling as they watch eyeballs move to information delivered online where they face increasing competition from social media and sensationalist “news” sites like Buzzfeed. It’s important to note that those news sources are not always the best quality and that they lack the journalistic standards that are in place at The Times.
Degradation of the perceived quality of online advertising adds erodes dollars even further. Advertisers remain afraid to buy online while the efficacy of online advertising is hard to measure and constantly downgraded by weekly scandals of spoofed sites, questionable business practices, and simply too many hands in the middle taking out money.
Despite having an amazing readership, and being the “paper of record” for millions of people at home and abroad, even The Times has had trouble rising above all of this. It’s especially disheartening because, now more than ever, our country needs credible sources of news.
The recent Journalism, Media, and Technology Trends and Predictions 2017 report from Reuters Institute revealed that 33% of respondents from a newspaper background are more worried about their company’s financial sustainability than they were last year.
Thinking of our mission at Amino Payments, we’re not curing cancer or solving climate change. But, we are truly doing good for the media industry by helping to increase yield — dollars per page view — by increasing the quality of online advertising as a whole and by helping to make payments reliable and fast for publications like The New York Times. By cleaning up the online media supply chain, we can meaningfully impact revenues at premium news sites to help eliminate the need to layoff quality editors and journalists.
This is our country’s newspaper of record that is slashing 60 some jobs in one shot. I’ll be proud of anything my company can do to help avoid this type of travesty in the future for The Times and other reputable publications.
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