Shifting Business Models in Media

It can feel like the news industry is in a moment of crisis. Over 500 journalists were laid off from news outlets in January 2024 alone, according to a report from outplacement firm Challenger, Gray & Christmas. These layoffs are part of a broader trend of seismic changes within the media industry over the past few decades. As disinformation concerns continue to rise and we prepare for another consequential election, why are newsrooms drastically reducing headcount? Ben Smith is editor in chief and cofounder at Semafor, a recently launched digital news platform. He is author of “Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral,” which unpacks the ups and downs of the digital media business. Smith is also a former New York Times media columnist and the former editor-in-chief of Buzzfeed News. He joins WITHpod to discuss how we got to this moment, the impact of evolving news consumption habits, changing revenue models and more.