Digital media services are way overpopulated. So things adjust.
From My San Antonio:
Digital-media bubble is bursting. That's hurting generation of promising young journalists.
About five years ago, I was asked to visit the newsroom at Mic, a digital-media start-up backed by venture capital and focused on news for the millennial audience.
As the public editor of The New York Times, I suppose I was seen as an expert in traditional journalism ethics - especially through the eyes of Mic's reporters and editors, mostly in their 20s, and many in their first jobs out of school. And because I was active on Twitter and writing a frequent blog, perhaps I looked like I knew how to build a bridge from old-school newspapering to the digital-first present.
I remember how smart, engaged and hopeful the Mic staffers were as we talked, in their Lower Manhattan newsroom, about topics such as conflict of interest, objectivity vs. fairness, and possible career paths.
Could this exciting venture - then only two or three years old - thrive long into the future? Could these young journalists build their lives and careers on it?
In 2013, that seemed possible, despite some flashing danger signs.
But last week, Mic was the latest of its ilk to crash and burn. More than 100 employees were fired, amid word that its staffless shell would be sold to another media company.
Hey - bubbles happen. As a "journalist" you are supposed to research your topic and study its history. If you had done your work, you would have known this. My only complaint is that the management kept the condition of the business from you until the absolute last moment. They should have seen the writing on the wall and given you folks a couple weeks heads up to find new employment (Would you like fries with that?).
We are just going through another contraction like what happened in 1997 through 2000
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