3 Lessons for Newsrooms to Survive 2nd Year of the Pandemic

J. Clara Chan
·1-min read

As the U.S. enters the second year of a deadly pandemic, newsrooms across the country are forced to reflect on their revenue strategies following the bloodbath of layoffs in 2020. Publishers will have to abandon old ways of thinking — even though there isn’t a single, magical solution to the industry’s financial struggles. “It’s not going to get worse before it gets better,” Elizabeth Osder, principal of the media consulting firm The Osder Group, told TheWrap. “It’s going to continue to get worse until it gets to be something else.” The news industry is not a monolith, with each publication — from local newspapers to national media outlets — having its own distinct set of challenges. But as the pandemic has only accelerated the urgency with which publications need to adjust course, a few lessons have become abundantly clear: Revenue cannot be dependent on a single source, whether that be advertisers, hedge funds and venture capital, or reader subscriptions. A strong future for news organizations involves both editorial and business-model changes. Also Read: These California 'Local Papers' Are Part of a Shadowy Conservative Pay-for-Play Network Implementing these changes will look different for every news organization. For local newsrooms, many of...

Read original story 3 Lessons for Newsrooms to Survive 2nd Year of the Pandemic At TheWrap