While no one can come to an honest conclusion about the life or death of print journalism—earnings for the New York Times plummeted 48 percent, but profits for the Financial Times rose 15 percent—there is one media industry that does not seem to be suffering.
Itâ€™s hard to debate the relevance of online media today. Last month Gawker drew 297 million pageviews—up 34 percent from last February’s traffic numbers. “We don’t have a single weak site,” crowed publisher Nick Denton. “And I’m not even going to tell you how much our ad revenues were up in February.”
This might lead one to believe that the safest place to be in media right now is online. Yet last fall Gawker laid off 14 percent of its editorial staff—supposedly in anticipation of an “exceptionally difficult” 2009. So even if ad revenues are up and traffic is not just holding steady, but growing, media jobs are still not secure.