Transformation of News in Digital era.
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We know that the transformations wrought by revolutions often take decades, and that will probably be true for the news revolution as well. If we peer beneath and behind the frantic efforts of legacy media to simply stay alive, we can see the roots of a news economy that will look very different from the one we have today—better in so many ways.
The media we think of as providing our daily news in the United States—TV stations like CBS and CNN, newspapers like the LA Times and Washington Post — arose in a competitive economy where winning the distribution battle led to a monopoly over an audience. That economy generated so much profit that owners were able to invest in journalism while keeping audiences entertained with sports, weather, and happy talk.
The digital revolution—and particularly the rise of social media—has replaced the competitive economy with a sharing economy. In this new economy, distribution is horizontal rather than vertical. Audiences rather than publishers control what they see, hear, and share.
Most of the large corporate media have not fully understood this new economy or have opted to profit by offering infotainment rather than journalism. However, two important strands of the current ecosystem are truly transformative and may point towards the future of news: the rise of community journalism and the growth of a network of shared content among niche outlets. As these two trends merge, journalism will be transformed
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