Well, Well, Well… You will recall a column I did some months ago after we heard the announcement that News Week was going to go to Online publishing only. (See Column, click here). In this column, I mentioned that the reason we are seeing the death of the old media was because, “These morons can’t figure out that the game is up for them. Their pretense of objectivity has been shot all to hell by shilling for every liberal cause trotted out by either the administration or liberal talking points disseminated by the Democratic party. Let me also mention that the Republican Party is no better when it comes to talking points. I am a conservative first and will call BS no matter what side of the aisle.”
So here we are and Time magazine is bleeding readership. When they bleed readers, this is reflected back to the advertisers who look at their exposure and make a business decision to look elsewhere to advertise their products. Hence 5% advertisement decline, translates into 700 people being cut. While I take no delight in people losing their jobs, the fact is that people are not willing to pay for propaganda they can get for free on the Web. Speaking of the Web, let’s talk about it. Are Times fortunes being impacted by the New Media? Absolutely, they are. You see the Old Media just does not want to face the fact that they are not the only game in town. I remember how disdainful the old media was and is of blogger’s and other independent writers online.
A classic example is Zero Hedge (http://www.zerohedge.com). This is a financial blogging site that is always getting hammered by the Old Financial Media. You are probably asking “Who is the old financial media?” – how about CNBC, The Wall Street Journal and Bloomberg news. They try to disparage Zero Hedge at every possibility. Why? Because Zero Hedge gets it right more times than they do and Zero Hedge is not conflicted by advertising and still reports the news, no matter who it is or where it leads. You see when news organizations had integrity, they would report the news no matter where it went. Well… that was then, and this is now. Today, if JP Morgan has questionable dealing in some area, the old media is nowhere to be found as they don’t want to make their advertiser angry, hence the unholy Quid Pro Quo.
Time Magazine, in my estimation is toast. Its just a matter of time…