ABSTRACT
The news industry as a whole is undergoing a transformation brought on by the emergence of digital technologies that have impacted all media. With audiences dispersing across ever more media outlets, nearly every media industry is losing popularity. Many news media have tried to rede ne their appeal and their purpose (e.g., hyper-local or crowd-sourcing) based on the diminished capacity of each medium. For traditional media, the challenge is how to manage decline. However, in the case of Internet media, some doubt that Internet revenue will grow to the point where it can pay for journalism on the scale to which media are accustomed.
