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by Cladode
1952 days ago
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Rage clicks pay, shallow dismissals are easy to produce -- no
time-consuming investigative journalism necessary. Most important perhaps is that new media like
Substack are in direct competition with traditional newpapers like the
NYT.
Coase's great insight (in: The Nature of the
Firm, 1937) was that firms exist in order to reap economies of
scale. Traditional newspapers reaped economies of scale from printing,
paper distribution, subscriber and advertiser management. Essentially
all of this is gone. What modern newspaper scale on is branding, and
and selling influence, but this is in direct contradiction with strong
journalists' interest (who do not like to be told by their editors what to write and how). Until recently, top journalists could not go alone, since they lacked the expertise to handle monetisation of their writing. This changed with the likes of Substack, which centralises
(automates) subscriber management, and technical infrastructure, but
without editorship.
Hence, top writers are increasingly moving away from
traditional newspapers to something like Substack, with Greenwald
and Scott Siskind being two high-profile examples. They won't be the
last. Newspapers see the writing on the wall and fight back. |
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Things like integrity and trust matter more than ever, so the idea that newspapers would jeopardize that to get back at a somewhat meaningless scoop is pathetic.
The time will soon come when we cannot trust anything we don't see with our own eyes, and we will then need to have a web of trust with reliable sources.
Newspapers can still capitalize on being a source of trust and truth, if they don't fuck it up.
Of course, the NYT is still pretty reliable on citations of fact, even if their slant is worse than it should be.