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Dec 15

The age of polymorphous media

For my sins, I spend a proportion of my professional life listening to journalists moaning about what is at risk and what has been lost in the digital era. I’ve come gradually to the conclusion that what they mourn most of all is the loss of simplicity.

Journalism expanded in the late 20th century in conditions which were historically exceptional and which, in retrospect, look miraculous. Print had stable advertising and circulation income; the capital costs of presses acted as an automatic barrier to new competitors. Terrestrial television had either taxpayer subsidy or advertising. For journalists, life was simple: they only had to worry about competition from the nearest rival.

In some competitive markets this made life tough, but not complicated. That agreeably simple era has been replaced by a chaotic and fast-changing system for news and opinion which is volatile, unpredictable and polymorphous. In other words, the present is like every other period of journalism’s history except the late 20th century.

If you’re running, working in or thinking of investing in a business involving journalism, here are five things worth keeping in mind in 2016: Continue reading →