Legacy Media Advertisers Flocking To Social Media Platforms

Social media companies are soaking up the billions in advertising dollars that once flowed to legacy media companies — a trend that continues to accelerate despite an ever-growing mountain of evidence indicating the Silicon Valley titans govern their ballooning kingdoms with little regard for how their products negatively impact society.

CNN  reports that while the dramatic shift has empowered these companies, it has also simultaneously dealt massive blows to news organizations, most of which are struggling to survive as they see their one-time revenue sources sour on their products in favor of tech platforms.

Just two months into 2024, several news organizations are already collapsing in plain sight. The Messenger shuttered last month; an already-slimmed down BuzzFeed announced it would slash 16% of its remaining staff; and Vice Media said it would lay off hundreds of employees and cease publishing on its website as it pivots to an entirely new business model. Over the last few years, the situation has grown more dire, with nearly every major news organization cutting their workforces to survive — if they can. Hundreds of local outlets have not been so lucky, closing their doors as advertising dollars disappear.

A substantial portion of the advertising dollars that once supported the carefully manicured gardens of legacy media outlets have migrated over to a free-for-all hellscape ruled by mostly unregulated Silicon Valley deities who prioritize profits and growth over the public good. As a result, the news organizations which work tirelessly to behave responsibly are seeing their business models collapse and future jeopardized, while executives like Mark Zuckerberg tout record profits.

To be fair, brands would likely prefer to advertise on the platforms of responsible media actors versus the risky world of social media. But Big Tech offers these brands much more effective targeting, while boasting a larger and younger audience than legacy news organizations. To make matters worse, news companies have been far too slow to adapt to the changing technological landscape, often sporting ugly websites and apps and lacking the tools necessary to hone in on specific audiences advertisers want to spend their dollars to reach.