Last year was one of the worst in recent memory for layoffs across media. Job losses in digital, broadcast and print news increased almost 71 percent from 2022, according to a recent report. Victor Pickard, professor of media policy and political economy at the University of Pennsylvania, says the current situation amounts to a "systemic market failure." To fix it, he proposes a bold new plan.

• Plus, Axios' Sara Fischer with her top reasons for journalism's decline; and Karen Rundlet, CEO of the Institute for Nonprofit News, on the local and nonprofit news efforts giving her hope.

Guests: Victor Pickard, professor of media policy and political economy at the University of Pennsylvania

Credits: 1 big thing is produced by Niala Boodhoo, Alexandra Botti, and Jay Cowit. Music is composed by Alex Sugiura and Jay Cowit. You can reach us at podcasts@axios.com. You can send questions, comments and story ideas as a text or voice memo to Niala at 202-918-4893.