You've heard it said that the old media is dead. Today's consumers of news, information and entertainment have more choices than ever before. Gone are the days when people had to choose between 3 television networks, a few radio stations, and one or two local newspapers.
The majority of busy Americans today don't even subscribe to a newspaper, rarely listen to terrestrial radio, and have hundreds of television stations to choose from, coming to their homes from a variety of providers (cable, satellite, fiber). Today, a large portion of the public gets their news from the internet, visiting some of the old media's online presence, but also reading new media sources that are only found online. For old media to survive, they found it necessary to improvise, adapt, & overcome. As more outlets of news, information and entertainment emerge, each outlet's impact is lessened, requiring them to broaden their reach by feeding the audience what they want through additional outlets. Each company's cost structure must change carefully, as the audience is unlikely to pay for what is free elsewhere.
Old media companies that fail to provide what the audience desires will loose, both in audience numbers and in their long-term reputations. People may visit an old media company's website, but if it is difficult to get what they're looking for, they'll move on. Old media can't count on having a captive audience.
Some old media companies have waited too long to adapt. The New York Times went on the air with a cable-news channel just after 9-11... but few people ever saw it because NYT thought people would pay a premium to watch it. During one of the most watched times in television history, the Times-Discovery News Channel lost an enormous opportunity to capture and build viewership. Today, few even know the channel exists. CBS and ABC have failed to launch 24-7 news channels at a time when CNN, NBC and Fox all grew their audiences. Today, ABC's news channel exists but lacks clearance in most markets and satellite services, clearance the network should have achieved during 'retransmission consent' negotiations with carriers. The only movement for CBS has been to discuss a merger with CNN - failing in those talks twice.
Will old media step up and provide the news, information and entertainment the public desires? Or will they continue to shrink staffs, and close offices, fearing the future? Tough choices at the top of old media companies will determine their futures, and that of their workers. Successful decisions rest upon each company's vision of how best to use their employees' skills to meet future demand. The audience will be voting on those choices with their remote controls and keyboards.