• Pitch Point
  • Posts
  • Is 2024 The Worst Year For The Media Industry?

Is 2024 The Worst Year For The Media Industry?

News Roundup, Reporters' Moves, PR Tips, And More

Author

MA Family
February 28, 2024

Issue #9, February 2024

Hey there, PR pros! Welcome back to Comms Rundown, MA Family’s newsletter on PR and communications.

This month has been tough in the media industry, with layoffs and closures making headlines.

But fear not! Let's take a positive spin as we dive into our roundup together!

Blitz 🎯

  1. Web Summit CEO, Katherine Maher, stepped down. She has been in the role for three months — the shock departure has created the possibility that its founder Paddy Cosgrave could return. There had been rumors ever since her hasty appointment that she was just temporary and Cosgrave might want to return once the Israel controversy was over. We’ll see!

  2. TechCrunch laid off around eight staff members, part of a larger restructuring at the title as it seeks to refocus its coverage around the investors, founders, and startups of Silicon Valley. The publisher also shut down its paid subscription product, TC+, as part of this effort. As a result, TechCrunch no longer accepts contributing articles, except for sponsored content. R.I.P. to TechCrunch Opinion.

  3. CoinDesk warns to be careful with scammers who are pretending to be CoinDesk journalists on social media and elsewhere. Remember real reporters don’t ask for money.

  4. Startup news site The Messenger shuttered less than a year after its launch. The company spent $50 million ratcheting up its business effort: launched last May it spent heavily — some would say excessively, given the current media climate. It hired experienced journalists from major organizations, entered into multimillion-dollar office leases, and spent time building the website "to recall great journalism". The media never turned a profit, and it burned through its cash as its ad revenues slumped.

  5. The Wall Street Journal plans to restructure its Washington bureau, the changes will include a small number of layoffs as well as some new roles. In these times, a small number of layoffs sounds positive.

  6. Darrell Etherington, former Managing Editor at TechCrunch, started his newsletter called The Angle: it’s about tech and society, startups, consumer devices and software, and the surprising alchemy that results when all of these things collide and combine. The newsletter was launched only one week after he was laid off. Should we expect an increase in the number of newsletters?

  7. CoinDesk new owner conducted restructuring and the layoffs. The shakeup, which comes two months after Bullish Group acquired CoinDesk from its embattled former owner Digital Currency Group, affects much of CoinDesk’s leadership.

  8. Yahoo laid off the leaders of Engadget — ten people at the outlet are losing their jobs, and the editorial staff will be split into two sections: “news and features” and “reviews and buying advice.” The latter will focus on evergreen content and guides — in other words, stories found via search that drive affiliate revenue. With Google's introduction of generative AI search results, more companies started prioritizing product recommendations and reviews to counter traffic declines. The question is, will it compromise quality and independence?

  9. Vice Media, once valued at $5.7 billion, shut down Vice.com and laid off 'several hundred' staff. This became the biggest and saddest media industry news this month.

The Worst Year For the Media Industry? 🆕

While tech layoffs dominate headlines, the news industry itself is also experiencing downsizing. The media sector continues to face challenges, with new rounds of layoffs occurring in early 2024. 

News and media layoffs keep piling up after one of the worst years since the financial crisis

For a sector that has struggled for decades to find viable business models, the last year has been especially grim. Some experts say all hope is not lost.

www.fastcompany.com/91035879/news-media-layoffs-2024-list-growing-worst-year-financial-crisis

What can we expect in the future? Yury Molodtsov, the COO of MA Family, shares his vision:

First, good luck to everyone affected. As media publications adapt and survive, PR will be less and less about traditional publications. Instead, it will become a multi-disciplinary area where we must use all kinds of channels to communicate directly. This means content marketing, working with independent authors, newsletters, podcasts, and building your own audience.

Who's where? 👀

  1. Christina Passariello joined CNBC as  SF bureau chief (which also includes LA!). She’ll get started with the team covering technology.

  2. Brad Stone took over as editor of Bloomberg Businessweek.

  3. Kate Irwin is now covering tech news for PCMag.

  4. Britney Nguyen joined Quartz — send her pitches, scoops, ideas, invites, etc. on AI, tech policy in the U.S. + abroad, new products & innovation, general tech + biz trends, and all the intersections!

  5. CoinDesk’s longtime CEO Kevin Worth is out amid a major restructuring initiated by the media. In Worth's place, the parent company has appointed Sara Stratoberdha, who previously ran business development for Bullish.

  6. Shona Ghosh joined Bloomberg as an editor of its EMEA tech team.

  7. Zoltan Vardai joined Cointelegraph as a Breaking News Reporter.

  8. Christina Sterbenz started a new position today as an editor at Bloomberg Opinion working on special projects.

  9. Julie Bort joined TechCrunch as editor of the Startups/VC desk.

  10. Katherine Ross is now the News Editor at Blockworks. 

  11. Tom Matsuda joined Sifted as its fintech reporter. 

Heads-up 🔜

Mood of the month 🧐

Not-To-Dos ✖️

Workbook 📝

How to be a good podcast guest

Plus some recommendations

smallpotatoes.paulbloom.net/p/how-to-be-a-good-podcast-guest?ck_subscriber_id=326695493

Become A Better Writer In 60 Minutes (Masterclass) — My First Million — Overcast

We recommend listening to this podcast as both hosts are great copywriters.

overcast.fm/+rTsU6D_68

5 Tips for Pitching an Op-Ed

Learn how to successfully pitch an op-ed and increase your chances of getting published with our five tips.

blog.onepitch.co/5-tips-pitching-an-oped

On the same topic: Jake Meth, who previously built and edited the opinion section at Fortune, started the newsletter where he reviews reader-submitted op-ed pitches.

Your opening line is a promise. Don't break it.

It's the anchor of the pitch, but many abandon it too quickly to explore other ideas.

pitchesgetstitches.substack.com/p/your-opening-line-is-a-promise-dont

Knowing an editor won't get your op-ed accepted

Many pitchers rely too much on connections, and not on what's really important: a compelling argument.

pitchesgetstitches.substack.com/p/knowing-an-editor-wont-get-your-op

We also crafted a blog post unveiling tips to publish a guest article — check it out!

The Secrets To Getting A Guest Article Published

Well-constructed and thought-out bylined articles may be the most impressive and authoritative way to establish credibility with your target audience, contributing to your reputation and allowing you to share your insights. They allow you to stand out from your competitors and, if picked up by a major publication - or “tier one” as they’re often called - will get your name in lights and put you on a pedestal in your field. But there are several rules you need to follow when writing OpEds and pitching them to the media, especially tier-one publications.

www.ma.family/blog/the-secrets-to-getting-a-guest-article-published

Thank you for joining us for the ninth edition of our newsletter on communication and PR!

If you don't feel like this is something relevant for you, you can always unsubscribe below — otherwise, see you in March 🙌

Aleksandra from MA Family