Media Careers Crater

Being closer to the end than the beginning of my own very rewarding media career, I can sympathize with the thousands of younger aspiring journalists who are faced with a rapidly deteriorating job market that may not give them the chance to get in on the ground floor of such an exciting industry.

And seasoned veterans are not being spared from the economic tsunami washing over the media business. Long time local TV and radio news anchors and reporters are being unceremoniously shown the door in cities all across the country. Magazines and newspapers are also in free fall, with huge layoffs in editorial, operational and marketing divisions at some of the country’s biggest publications.

But often it is not ratings to blame. A local San Francisco morning radio disk jockey told me his ratings are better than ever. The problem is a lack of advertisers. Financial institutions, airlines, auto dealers and retailers that were once mainstay advertisers have simply gone away, themselves victims to the worst recession since the Great Depression.

The internet, often called “the new media”, is itself suffering growing pains. Consumers balk at paying subscriptions for content they now get for free. Advertisers are still waiting to see real returns from clicks on internet pages. And much content is suspect, since thousands of what I call “citizen journalists” with no experience or editorial judgment fill web pages with poorly written and inaccurate articles and reports.

We all suffer here. The public gets cheated out of serious journalism that exposes corrupt politicians and corporate executives. Truly talented young writers and reporters have little chance to fuel their passions. Media companies that need to make money to afford to give us the best news and information possible are fighting for their very survival.

As a sign of the times, one of the few media publications showing an increase in advertising pages (4.4%) is “The Economist”. In these testy times, it seems at least some advertisers must think there is still demand for at least one publication that can deliver the kind of “no nonsense” information we need most right now.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)