Money Money Money.

Money makes the world go round. Underneath so many things lies the world’s most sort-after substance: money. Media is no exception to this rule. Commercial media rules the media production world, with public media taking up only a very small portion. I say media, you say Rupert Murdoch. The news isn’t just about facts; it’s about profit too.

Commercial media makes its money off just that: commercials. It sells ‘eyes and ears’ to advertisers, and the more popular the show, the more expensive the ad spaces will be. This all sounds just dandy in theory, but in practice, it’s not quite as nice. In order for shows to be popular and to get more viewers, commercial media can be tempted to sensationalise news, and make it more about entertainment and less about facts. Because the fact of the matter is that shocking things sell, and at the end of the day, commercial media is just another business. If it stops making money, it disappears.

But what does this mean for news? Is the news going to have to get dumber and dumber, just so that it can keep going and make a profit? With the rise of web 3.0 advertisers are able to reach much more specific demographics, and companies are beginning to invest in other things than television commercials. Commercial media is having to work harder than ever to make a living. And when the desire to please overtakes the responsibilities of the media in a democracy, things start getting scary. 

So what’s poor old commercial media going to do? As we were asked in our lecture today, can it really deliver on both commercial and social functions? Or does one get sacrificed at the expense of another? And what are we journalists meant to do? Should we continue to write good news and face the possibility of one day living on the streets, or do we sell our souls, and pens, to the mighty dollar? Is the internet the saviour of journalism? Nobody knows all the answers, and it’s a scary world out there, but it’s also exciting. Media is changing, and it’s at a pivotal point in its history. Money may make the world go round, but it’s journalists that tell us about it, which makes me think that they’re here to stay.