Reports on traditional news outlets, such as print and broadcast struggling to be financially viable. are nothing new. In a previous blog post, I quoted a statistic from IBM that claimed 90 per cent of all data has been created in the last two years alone.
With the rise of social media and the ability for anyone with access to a computer to create a blog, the supply of possible news sources has exploded since the web gained mainstream acceptance years ago.
The public’s demand for content and news has dramatically increased. However, the exponential growth in supply of news sources such as social media, 24-hour news channels, and everything in between, has created a glut of information effectively driving down the value of real news. This is essentially a supply-and-demand problem. Combined with disruptive technology and better methodologies for advertising, traditional media outlets have been forced to make changes to the ways in which they report and monetize news content.
News outlets have also fallen victim to this brave new world of journalism where articles (and their often provocative headlines) are just as much about getting clicks and attention as they are about reporting the news.
It has been said that we now live in the link economy. Clicks equal dollars, which ultimately pay journalists and other media employees via advertising. Democratic societies thrive on openness and transparency and rely on the Fourth Estate, or free press, to ensure the truth is reported and those in power are held to account.
The push and demand for immediate news from both the public and the publishers, along with the challenges of declining budgets and resources has resulted in the need for third-party fact checking; an independent player who can ensure facts are reported accurately.
For over 10 years, MediaMiser has developed tools to help monitor and analyze traditional and social media. We have adapted our systems and our technology to manage big data, and others are following suit. Ultimately, monitoring and analysis solutions like MediaMiser help to fill this gap and allow our clients to watch the media watchmen.