Podcast Summary
Impact of technology on journalism: The internet and social media have led to a 'grand unbundling' of news, resulting in a decline in trust and a challenging media landscape for journalists, particularly in local and regional news
According to the speakers in this podcast, journalism is facing significant challenges due to the impact of technology, particularly the internet and social media. They argue that these developments have led to a "grand unbundling" of news, breaking down traditional bundles of curated information into an overwhelming amount of content. This has resulted in a decline in trust in news, with young people less likely to pay for subscriptions and social media algorithms favoring noise over factual reporting. Despite these challenges, the speakers emphasize the importance of journalism in holding the powerful to account and informing the public. They call for a plurality of views and invite listeners to tune in to a podcast called "When It Hits the Fan" for further discussion on the topic. The speakers also express their concerns about the future of local and regional news, as it becomes increasingly difficult for reporters to make a living in this new media landscape.
Media Trust and Consumption: Despite lower barriers to entry, finding resources and incentives to pursue truth in journalism can be challenging, trust in media is low, and young people consume news differently. Public service broadcasting is crucial for accountability, but high-end markets thrive while mid-markets struggle, and caution is necessary when dealing with journalists due to increased risks.
While the landscape of journalism has changed significantly over the past few decades, allowing anyone to become a content creator, traditional broadcasting still holds a large audience. However, the trust in media is at an all-time low, and young people are not consuming news in the same way as previous generations. The barriers to entry have lowered, but finding the resources and incentives to pursue the truth can be challenging. The high-end financial and political news market is thriving, but the mid-market is struggling. Public service broadcasting, such as the BBC, is crucial in holding powerful figures accountable and challenging untruths. The power of the media has not waned, but the risks of getting it wrong have increased, making it essential for organizations and individuals to be cautious when dealing with journalists. Overall, while there are challenges in the journalism industry, there are also opportunities for innovation and growth.
Newspapers' Power in Business World: Newspapers, particularly those specializing in business, retain significant influence in shaping public perception and setting the agenda. Effective communication through these outlets can lead to substantial upsides, while negative coverage can have devastating consequences.
While the traditional media landscape may be changing, the power of newspapers, particularly in the business world, should not be underestimated. PR companies continue to advise organizations because the upside of getting the message right is significant, while the downside of getting it wrong can be devastating. Newspapers, despite declining circulation numbers, still have the ability to set the agenda and shape public perception, especially in the financial world. The business models of successful newspapers like the Financial Times and Wall Street Journal rely on their unique specialist content and global reach, allowing them to charge high subscription fees. However, newspapers are facing a denuding of journalism resources, leading to an increasing reliance on press releases and regurgitated content. Additionally, Britain's decreasing importance in the business world has led to the FT expanding into other markets, resulting in a growing staff. The instability of relying on advertising in the internet world versus the stability of circulation advertising in newspapers is also a significant factor. Overall, while the media landscape may be evolving, the importance of effective communication and understanding the power of the media remains crucial.
Journalism landscape changes: Despite fewer journalists covering local news and criticisms, the demand for quality journalism remains high, particularly in political journalism.
The media landscape is changing, with fewer journalists covering local news and more focusing on global issues in high-end institutions. However, the demand for quality journalism remains high, particularly in the top end of the business. Political journalism, in particular, continues to be influential and good, despite criticisms of practices like lobby journalism, which can be seen as a closed shop or club. While the industry faces challenges, the importance and impact of journalism have not diminished. From a personal perspective, the speakers expressed their love for journalism and their belief in its value, despite the changes and criticisms.
Political lobby and media relationship: The lobby's focus on sensational stories and pressure to be first can lead to inaccurate reporting, overshadowing important issues like the global financial crisis.
The relationship between the political lobby and the media can lead to inefficient and sometimes inaccurate reporting, as was the case during the G20 summit in Pittsburgh in 2009. The lobby's focus on sensational stories and the pressure to be the first to break a scoop can overshadow important issues, such as the global financial crisis. From the perspective of the government, it's essential to disseminate information efficiently, but the downside is that the lobby mentality can spread falsehoods and get the story wrong. The example of the Checkers Summit in 2018, where all newspapers reported a successful outcome only to discover it was a failure, highlights the issue. When I was editing The Sun, I experienced firsthand the lobby's power to dictate the news agenda. Despite the challenges, it's crucial that we as journalists strive to get the story right and provide accurate and truthful information to the public.
Brexit negotiations and media reporting: Inaccurate media reporting during Brexit negotiations may have contributed to Theresa May's resignation, emphasizing the importance of factual journalism and accountability.
The Chequers summit in 2018, which was meant to resolve Brexit negotiations, led to the unraveling of Theresa May's government and her eventual resignation. The media, particularly The Sunday Times, reported on Boris Johnson's harsh criticisms of May's deal, which may have contributed to her downfall. However, the reporting was based on limited information, and it's unclear if key players like David Davis knew they would resign at that moment. This example highlights the importance of accurate reporting and the potential for misinformation in political journalism. Despite the diminishing role of newspapers in recent elections, they still play a significant role in setting the mood and shaping public opinion. It's crucial for journalists to hold those in power accountable and call out abuses of power, even if it means challenging friends or colleagues.
Media Influence: Media outlets function as organs of opinion, shaping public opinion, but their influence is being challenged by social media and alternative platforms, while the importance of accurate news in a democracy remains vital.
Modern newspapers and media outlets function not just as sources of information, but as organs of opinion, pushing agendas and creating opinions through every word and image. The power of these media outlets, especially in the UK and the US, is significant, with editors surprised by their influence. However, the rise of social media and alternative platforms has challenged the dominance of traditional media, and even powerful figures like Rupert Murdoch are facing competition. Despite the challenges, the importance of accurate and unbiased news in a thriving democracy remains crucial. Three positives for the future include the continued vitality of news in various forms, the potential for bespoke news, and opportunities for the PR industry to adapt and innovate in this changing media landscape.
Future of journalism: Quality commentary, specialization, and direct relationships with audiences are crucial for the future of journalism. Embrace technology, go global, and make reporting financially viable to adapt to the changing media landscape.
The future of journalism, particularly in the face of disinformation and the shift towards digital media, lies in a focus on quality commentary, specialization, and direct relationships with audiences. The importance of commentary and the role of PR in shaping public perception were emphasized, as was the need for journalists to adapt to the changing media landscape by embracing technology, going global, and making reporting financially viable again. Rupert Murdoch's impact on journalism was discussed, with acknowledgement of his role as an investor in the industry despite controversies. The challenges of monetizing journalism and distinguishing it from noise were identified as key issues moving forward.
High-profile kidnappings: The first high-profile kidnapping in British history left a family in a lifelong nightmare and serves as a reminder of the emotional turmoil and uncertainty that comes with such crimes, making it 'worse than murder'.
Key takeaway from this episode of Intrigue is the devastating impact of kidnapping, as explored through the disappearance of Muriel McKay in December 1969. Two men, attempting to kidnap Anna Murdoch for ransom, mistakenly took Muriel instead. The tabloid press were enthralled, and the public was left wondering if she was alive or dead. This kidnapping, the first high-profile one in British history, left Muriel's family in a lifelong nightmare. Jane McSorley, a family member, shares her desire to find her mother's body and bring closure to the family. The case serves as a reminder of the emotional turmoil and uncertainty that comes with such crimes, making it "worse than murder." Listen to Intrigue on BBC Sounds for more.