The current financial storm is finally hitting British print media and forcing many to move towards a digital overhaul. A recent announcement by the Financial Times newspaper to downsize,is an indicator that the year 2009 will be a “crucial year” for traditional print media.
At least 80 staff across the Financial Times global operations face redundancy. There has also been talk of outsourcing a good chunk of work done by in house staff. This will no doubt leave some journalists employed by F.T quacking in their boots. It is hoped that switching to digital media, will help the Financial Times expand their reach and make the running of their business more effective as well as less costly. Many media companies are putting plans for expansion on hold.
As was seen some months ago in the United States, print media is dying a rapid death. The vulnerability of print media could make blogs even more popular. Blogs which tend to be labeled as amateurish and inaccurate could emerge as a more acceptable brand of journalism.
For the more experienced blogger who focuses on opinion in a niche subject area, this may be the time when editors may come seeking for information in your specialised area. Newspapers have been known to commission well established bloggers to write feature articles.
Because print media has always been popular, we may not see a complete digital revolution. Firms in the media going through a difficult patch during this recession may hide online for a while and emerge back to print once the recession is over.