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CNN Layoffs Exemplify The Shift To Online by taskmaster4450

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· @taskmaster4450 ·
$20.98
CNN Layoffs Exemplify The Shift To Online
The carnage is starting.


We just went through a US Presidential [election](https://inleo.io/@leoglossary/leoglossary-election), something that should be the Super Bowl for news [media](https://inleo.io/@leoglossary/leoglossary-media).  


The legacy media was suffering greatly.  It really needed a strong election season to pull it out of the toilet.  Unfortunately, based upon the rating, this did not happen.


Election Night coverage for the big 3 [cable news](https://inleo.io/@leoglossary/leoglossary-cable-news) [networks](https://inleo.io/@leoglossary/leoglossary-network) were down from 2020.  This mirrored what took place 4 [years](https://inleo.io/@leoglossary/leoglossary-year) ago, as the ratings were lower than in 2016.


At the core of this is the move to online.  People are jettisoning from broadcast [television](https://inleo.io/@leoglossary/leoglossary-television).  We are seeing these corporate entities putting themselves in a major pickle.

 https://img.inleo.io/DQmbaAACZ14jpTaSrcDeyRZXMXexVyHSAQNQA1fCvvyxfS8/image.png 
<center>[Source](https://theamericantribune.com/cnn-reportedly-set-to-ax-top-stars-in-mass-layoffs-will-see-hundreds-fired/) </center>


# CNN Layoffs Exemplify The Shift To Online


Reports are surfacing that the carnage is about to hit.  


[CNN](https://inleo.io/@leoglossary/leoglossary-cnn-cabe-news-network), once the epitome of cable news, is going to lay off hundreds, including on air talent.  This is a sign of what is going on in the industry.


It reflects the motto "we are now the media".


Chris Wallace, and his $9 million salary, "quit" after the election.  He is going into podcasting.


On air talent such as Anderson Cooper, Erin Burnett and Kaitlan Collins could be on the block.  Their salaries are $20 million, $6 million, and $3 million. 


This is by no means an isolated incident.


 <center>https://img.inleo.io/DQmYrzJkSfWMLFnkk6mr6zJ2yWVLPtiRaZhAdRrkaqW44fU/comcast.png

[Source](https://archive.ph/CKeIJ) </center>


Comcast is looking to [sell](https://inleo.io/@leoglossary/leoglossary-sell) its cable properties, which include MSNBC and CNBC.  This is how bad things have gotten.


Unfortunately, things are about to get a great deal worse.  With the new administration taking over, the revenues of these media [companies](https://inleo.io/@leoglossary/leoglossary-company-business) could be crushed.


The top advertiser on cable news is Big Pharma.  They account for more than 70% of the ad revenue.  With Robert Kennedy Jr in the picture, there is no way [advertising](https://inleo.io/@leoglossary/leoglossary-advertising) by these companies will be allowed.


Ironically, the United States is one of only two countries (the other being New Zealand) in the [world](https://inleo.io/@leoglossary/leoglossary-world) that permits Big Pharma to advertise on television.


It is likely this is going away.


## Shift To Podcasting


Legacy media is in a race to the bottom.  [corporations](https://inleo.io/@leoglossary/leoglossary-corporation) such as Comcast are going to bail while they can still salvage something.  With these properties, it becomes a [Greater Fool Theory](https://inleo.io/@leoglossary/leoglossary-greater-fool-theory).


One thing the election season reveled is the power of "alternative media".  By this I am referring to those who operate solely on the [Internet](https://inleo.io/@leoglossary/leoglossary-internet).  Most of these are channels on [YouTube](https://inleo.io/@leoglossary/leoglossary-youtube) or Rumble although it could include bigger players who have their own production companies.  Some of these people were formerly in the mainstream, such as Tucker Carlson or Bill Maher.  There are others, such as Valutainment, which is run by a guy who make a fortune in the [insurance](https://inleo.io/@leoglossary/leoglossary-insurance) [business](https://inleo.io/@leoglossary/leoglossary-business).


Then we have the comic turned UFC announcer turned [podcast](https://inleo.io/@leoglossary/leoglossary-podcast) King, Joe Rogan.  He is quickly becoming the [gold](https://inleo.io/@leoglossary/leoglossary-gold) standard for this industry that is growing rapidly.


## Web 3.0 Opportunity


As we can guess, the [space](https://inleo.io/@leoglossary/leoglossary-space) is going to get crowded very quickly.  If we look at YouTube, we can see how the number of channels is overwhelming.  Naturally, not all deal with news but there is a lot of competition out there for eyeballs.


This is all part of the fragmentation of the media.


Thus, a new model is required.  There is no way all these people will be able to garner the following to make it profitable.


For this reason, as discussed in the past, I think the [digital](https://inleo.io/@leoglossary/leoglossary-digital) platform [business model](https://inleo.io/@leoglossary/leoglossary-business-model) is the key.  We already see the success with it.  The challenge is the [beneficiaries](https://inleo.io/@leoglossary/leoglossary-beneficiary-insurance), at least financially, are the [investors](https://inleo.io/@leoglossary/leoglossary-investor) in those platforms.  The [shareholders](https://inleo.io/@leoglossary/leoglossary-shareholder) in [Google](https://inleo.io/@leoglossary/leoglossary-google-company) and Meta are the ones who do well.


Here is where Web 3.0 enters.  By shifting from a corporate based model, we move to one that is built upon stake.  This means the [content creators](https://inleo.io/@leoglossary/leoglossary-content-creator) also have a vested financial [interest](https://inleo.io/@leoglossary/leoglossary-interest) in the growth of the platform.  This means providing what is needed becomes the focus of everyone.


It is still a game of traffic.  The more people on a platform, the better it is for everyone.  YouTube has become the epitome of this.  It is actually the foundation of [network effects](https://inleo.io/@leoglossary/leoglossary-network-effect).


The only problem is where the [money](https://inleo.io/@leoglossary/leoglossary-money) goes.  Even with the sharing of advertising [revenue](https://inleo.io/@leoglossary/leoglossary-revenue), most on the platform do not enjoy them.  This all changes with Web 3.0.


Will we see big names make the switch?  Not anytime soon.  These people have the ability to [gain](https://inleo.io/@leoglossary/leoglossary-gain) a following on the major platforms.  If someone like Anderson Cooper decided to start his own channel, it would likely do well.  He has enough name recognition that many would view his [videos](https://inleo.io/@leoglossary/leoglossary-video).


The same is not likely the case for someone who is on at 2 AM on one of the cable news outlets.  This person has few options.


It is clear the legacy media is going to see contraction.  The number of [jobs](https://inleo.io/@leoglossary/leoglossary-job) are declining.  Companies are going to consolidate, eliminating many people from the equation.


This is a major opportunity, not only for individuals but also platforms.


It is safe to say, the CNN layoffs will not be the last across the industry.


____


<center> [What Is Hive](https://inleo.io/@leoglossary/leoglossary-what-is-hive) </center>




Posted Using [InLeo Alpha](https://inleo.io/@taskmaster4450/cnn-layoffs-exemplify-the-shift-to-online--h2x)
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@carloslopez1 ·
$0.17
@carloslopez1 "What is taking place is the decentralization of ne..."
What is taking place is the decentralization of news media.
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vote details (10)
@optout ·
$0.16
@optout "Or maybe a centralization? It seems like all the ..."
Or maybe a centralization?  It seems like all the action now is on Twitter.  Sure there are many contributors, but just one platform.  
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@taskmaster4450le ·
$0.03
@taskmaster4450le "Actually that isnt true because a lot of informati..."
Actually that isnt true because a lot of information, especially video is going through YouTube (and Rumble is even starting to gain some traction).

More in depth stuff seems to be outside of X although it is the place for quick hits of information.
👍  ,
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@daniasi ·
$0.17
@daniasi "You have been preaching it severally and it's unra..."
You have been preaching it severally and it's unraveling gradually. Fragmentation of industry is becoming an eye opener already as individuals use their long time industry experience to grow individual brands.

Nevertheless, the issue of these guys switching to web3 will take some time or perhaps much possible for the new coming podcast stars. What I am saying here is that they've become too acquainted with web2 environment. This still remains a big challenge. 
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@ducecrypto ·
I wonder what it will take to finally have enough mainstream adoption for a Web3 platform to be viable competition to media like TikTok or X.
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@optout ·
$0.16
@optout "Tiffany Fong on Twitter has been talking smack abo..."
Tiffany Fong on Twitter has been talking smack about Don Lemmon and The Guardian.  It's been hilarious!  
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