Heroin, Tech Stocks, Gossip
(Not A Carnac Joke)

Maureen Tkacik, in the latest CJR, explaining the basic economic truths underscoring the decline and fall of print journalism.  I label a lot of the posts on this blog “selling culture,” and one of these days I’ll write a post explaining exactly what I mean by that.  In the meantime, Tkacik does a good job of it for now (via):

…while the laws of supply and demand governed everything on earth, the easy money was in demand—manufacturing it, manipulating it, sending it forth to multiply, etc. As a rule of thumb (and with some notable exceptions), the profit margins you could achieve selling a good or service were directly correlated to the total idiocy and/or moral bankruptcy of the demand you drummed up for it.

This was easier to grasp if you were in the business of peddling heroin, Internet stocks, or celebrity gossip; journalists, on the other hand, were at a conspicuous disadvantage when it came to understanding their role in this equation. In the past, newspapers had made respectable margins selling a non-inane product largely because people had little choice but to herald their sublets and white sales alongside the journalists’ tales of human suffering/corporate corruption/government ineptitude. The times were prosperous enough that much of the print media even chose to abstain from taking a share of the demand-creation campaigns of liquor and tobacco brands in the seventies and eighties. Indeed, journalism, it went without saying, was about delivering important information about the world—information people (and democracy!) needed, whether they knew it or not. That journalism’s ability to deliver that information—to fill that need—ultimately depended, to an unsettling degree, on the ability to create artificial demand for a lot of stuff that people didn’t actually need—luxury condos, ergonomically correct airplane seats, the latest celebrity-endorsed scent—was an afterthought at best, at least in the newsroom.

Journalists, by and large, had so little appreciation for their dependence on the larger engine of artificial demand that they were mostly blindsided when the Internet happened and they lost the benefits of that engine. A lot of them seemed to take it personally.

Filed under: journalism  Maureen Tkacik  not Carnac jokes  selling culture