EDITORIAL - Media in times of crisis

Today is the last day of the annual Cebu Press Freedom Week, the only event across the country in which members of the media would come together and celebrate the independence of the Fourth Estate.

The past days saw different forums being held in an effort to improve the media profession in an industry now shaken badly by financial crisis that forced many media outlets to cut cost.

This financial crisis stemmed from the fact that the onslaught of modern technology is seriously giving the industry a run for its money. For one, the rising influence of social media has taken a heavy economic toll on print and broadcast outfits.

Since there is now a serious shift of preference from the traditional media to social media among the masses in their quest for quick access to information, it seems the battle among the players belonging to the former is no longer on the need for exclusive stories but on the need to stay alive.

This of course forced many, if not all, newspapers and radio and television outlets to take drastic actions in a bid to cut back on expenses in the midst of dwindling revenues.

This development resulted in many journalists losing their job as managements would implement massive labor reductions. On the other hand, given their meager income, some journalists would opt to quit their job hoping to land a space in other industries where salaries are far higher.

And another major issue besetting the media industry is the continuing assault of fake news, especially on social media. This problem has become so serious that members of the industry need to unite in waging the war.

We do hope that, despite the stiff competition, what members of the industry absorbed during the weeklong press freedom celebration has made them stronger than ever in the drive to improve their craft.