Concerns over journalism sustainability highlighted at Stagwell’s Future of News event

In light of decreasing advertising investment in news media due to brand safety concerns, there are growing worries about the sustainability of journalism and its broader implications for society. These concerns were recently highlighted at Stagwell’s ‘Future of News’ event in New York on October 8, 2023. This event underscored both the challenges and potential opportunities facing the media landscape today.

Stagwell’s event brought together representatives from top news organisations to discuss the critical need for funding quality journalism. Concerns were raised over how cautious media buying behaviours are negatively impacting the industry. A key insight from a recent study by Stagwell, which surveyed nearly 50,000 adults in the United States, suggests that the fears of advertisers about brand safety are largely unfounded. The data indicates that advertisements placed next to politically sensitive content, like articles on inflation or crime, are just as effective as those placed alongside content deemed safer, such as sports or entertainment.

One notable finding was concerning Generation Z, whose purchasing intentions remained consistent regardless of whether ads were placed alongside articles on sensitive issues like Middle East conflicts as compared to sports content. This data implies a significant disconnect between perceived risk and actual consumer behaviour, which may explain why a substantial portion of the American public, particularly self-identified “news junkies,” remains an untapped market for advertisers.

The unwillingness of advertisers to engage with news media could have profound implications. As David Sable, Vice Chair of Stagwell, noted, this trend could diminish the strength of independent news outlets, thereby weakening the pillars of accountability and transparency essential for democracy. The potential decline in trustworthy news outlets is concerning, as it could lead to a scenario where essential stories are underreported, or media organisations water down their content in pursuit of financial viability.

The discussion also acknowledged the shifting media landscape, driven by advances in artificial intelligence and a rising demand for hyper-personalised content. Traditional journalism models are being challenged to adapt to these changes. There is a recognition that the industry must innovate, finding novel methods for producing, disseminating, and monetising news content.

The transformation requires strong brand presence – those that are committed to integrity, quality journalism, and a fearless approach to reporting on authority and power structures. Without such brands, there is a risk of misinformation and propaganda filling the void left by struggling legitimate news sources.

Initiatives like ‘The Future of News’ are crucial because they shed light on potential approaches and solutions for sustaining journalism in a digital age, foregrounding the importance of investing in journalism for its survival and ethical development. The discussion at Stagwell’s event aims to galvanize industry efforts in evolving and facing these challenges head-on.

Source: Noah Wire Services