The news media industry experienced significant job cuts in 2023, marking it as the worst year for the sector since the onset of COVID-19, according to a report by Poynter. The report suggests that the industry's downward spiral may not be nearing its end.
The Poynter report reveals that the news industry saw a reduction of 2,681 jobs in 2023, excluding December. This data was sourced from human resources firm Challenger, Gray and Christmas. These job losses surpassed those recorded in both 2021 and 2022. Up until November of last year, the broader media industry had lost 20,324 jobs. While this figure is lower than the 30,211 job cuts during the same period in 2020, Poynter asserts that it indicates "a sharp reversal from the last two years when layoffs fell and some news outlets even expanded."
According to Poynter's findings, all mediums and business models within the industry suffered job losses. This includes cable news networks, magazines, radio stations and trade publications. Amongst those organizations that reduced their workforce in 2023 were ABC News, Adweek, Barstool Sports, BuzzFeed News, CNBC, Gannett, Los Angeles Times, National Geographic, NBC News and MSNBC, NPR, New York Public Radio, The Washington Post and Vice Media.
Poynter's report also indicates that newsroom executives have attributed these job cuts to challenging economic conditions or what many have termed as "headwinds" resulting from high inflation and a weak advertising market. However, it also highlights that news organizations are grappling with issues such as news avoidance and shrinking audiences.
Jeff Jarvis—a journalist and professor at CUNY Graduate School of Journalism—was quoted in Poynter's report saying that multiple factors have contributed to the news industry's decades-long downward spiral. These include hedge funds controlling newspaper chains, platforms like Google and Facebook dominating the digital advertising market, and an increasing number of people sourcing their news from social media.
Jarvis was quoted as saying, "This idea that everybody can do what they want and everybody can do business as they used to do it? It’s just wrong. We’re going to have to reinvent journalism at a different scale with different missions and goals."
