While the Trump Economy is working great for most people, one industry hasn’t been enjoying the boom: the media. According to Business Insider, the media industry is continuing to cut jobs this year.
The media industry continued to execute cuts in December and November as Gannett, Highsnobiety, and the CBC reduced headcounts.
The cuts followed large rounds of layoffs earlier in the year from companies including BuzzFeed, Verizon, and Vice Media.
The massive cuts this year represent a recent trend in media that has seen upstart companies and newspapers alike shrinking and disappearing.
It’s not just print media that’s not feeling the love. Buzzfeed experienced layoffs this year. An attempt to relaunch Gawker failed. HuffPost laid off 13 in its video department. ThinkProgress shut down in September. Even television media is experiencing a slow bleed.
NBCUniversal laid off 70 employees in two rounds in August and September.
In August, E! announced that as part of its decision to move it’s “E! News” show from LA to New York, it would be laying off 20 to 25 LA employees, Variety reports.
In September, NBCUniversal announced that it would be laying off 45 more employees from E!, Oxygen, Bravo, and other properties, according to MediaPost.
CNN also let go about 100 employees in the spring as part of a “corporate restructuring” effort.
What’s the reason for the media industry doing so poorly while other sectors are experiencing a boom? I don’t know, I’m sure much of it is because the media isn’t adapting, but I can’t dismiss the possibility that trust in the media being at historic lows not playing a part either. A recent Gallup Poll shows that Americans “remain largely mistrustful of the mass media,” and that an overwhelming majority of Americans believe that much of what the media is presenting is biased, inaccurate, or misinformation.
It’s worth noting here that media coverage of President Trump is 90 percent negative. Maybe the public is sick of media outlets that do public relations on behalf of the Democratic Party.
Just a thought.
Matt Margolis is the author of Trumping Obama: How President Trump Saved Us From Barack Obama’s Legacy and the bestselling book The Worst President in History: The Legacy of Barack Obama. You can follow Matt on Twitter @MattMargolis