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While demand for news is significant right now, expenses are increasing as revenues fall. Covid-19 forced these news outlets to reevaluate their respective business models and adjust to new consumption patterns.
One of the most compelling panels from Day 3 of the NewFronts featured news executives from BBC Global News, Vice Media and NPR talking about the state of the news industry in 2020. Despite everything that has transpired in recent months, the trio said they were confident about the future of news, though not overwhelmingly so.
“This is a moment in history like no other,” said NPR svp of news and editorial director Nancy Barnes. “It’s challenging on a lot of fronts because you’ve covered a pandemic, an economic meltdown, racial injustice, and we have a major election in the U.S., and all of our journalists are experiencing many of these storylines even as they’re having to go out and cover them.”
Barnes said that the demand for news is significant right now, but expenses are going up while revenues are declining, making life extremely challenging for news outlets.
Is the state of the news industry in good shape? “It’s too early to tell,” said BBC Global News CEO Jim Egan. “This year has been so epic in terms of events all around the world, and it’s very difficult to make any generalizations about what’s going on.”
Egan added, “The coronavirus pandemic, just like
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