How Class Explains Digital Media’s Downfall—and Tucker’s – Compact Mag
Big shake-ups are afoot in the media. In recent weeks, digital outlets once valued at billions of dollars have been going belly up, one after another. Buzzfeed announced it would be axing its entire news site, Buzzfeed News, while Vice has entered bankruptcy. Insider, Inc. is letting go of 10 percent of its staff, layoffs are hitting Vox Media and FiveThirtyEight, and the second iteration of Gawker stopped publication earlier this year. It’s the end of an era for massive digital-media companies, including one, Buzzfeed, that once held so much promise, it turned down a $650 million acquisition offer from Disney.
What happened? The answer involves recent shifts in the politics and economics of internet platforms, but also enduring class divides in media consumption.
As many have already pointed out, social-media platforms played a key role in the rise and fall of digital news sites. Where print outlets financed themselves through print and classified ads and subscriptions (with subs…
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