While We’re Consuming More News Due To The COVID-19 Crisis, News Organizations Are Laying Off Staff [Forbes]
Meta Platforms, Inc. - Class A (FB)
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Source: Forbes
GettyReligiously watching cable news shows at night and reading theNew York Timesin the morning, you’d think that the media industry is doing just fine. It would be reasonable to believe that news organizations are minting money in advertising sales, as we’re all glued to our favorite media sites to follow the latest COVID-19 updates and who President Trump is fighting with today.It turns out COVID-19—the biggest story in a generation—brought viewers and readers to newspapers, magazines, online outlets, radio and television shows, but the advertising revenue didn’t follow. A large source of revenue traditionally comes from advertising sporting events, music concerts, hotels, restaurants, airlines, resorts, cruise lines, retail stores and big retailing chains. For many companies, it's not cost-effective to spend money on advertising while their businesses are shut down or significantly negatively impacted by government-mandated shutdowns.With the rapid and sharp decline in revenue and
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