Cart (0)
VIDEONewspapers Go Bust, J-Schools Boom
Turning out journalists for the digital age.
 |
|
But there's another trade school that's also witnessing a significant upswing: journalism.
These are desperate times for the industry: This year will be the worst in newspaper history. The Seattle Post-Intelligencer stopped the presses after 145 years last month to move entirely online, while the Ann Arbor News in Michigan announced it would do so in July. Denver’s Rocky Mountain News closed entirely, just weeks short of its sesquicentennial. Many other newspaper companies, such as the Tribune Co., entered bankruptcy.
Even the largest media conglomerates, such as the New York Times (NYT) and Gannett (GCI) are struggling for their livelihoods, yet they’re holding up better than their peers.
This bloodbath has been an unlikely boon for J-schools. According to Forbes, Columbia, Stanford and NYU applications increased 38%, 20% and 6%, respectively, from the previous year. State schools also saw gains: the University of Colorado (up 11%), the University of North Carolina (14%) and the University of Maryland (25%).
“I’m amazed that enrollment continues to be so healthy,” Associate Professor Stephen Solomon at NYU’s Arthur L. Carter Journalism Institute told Forbes.
Unless money isn't an issue, it seems like a costly gamble. The average price for graduate school and living expenses has reached $31,000 per year. Even though few journalists decide on their career expecting riches -- I can personally confirm this -- earnings for those with a graduate degree averaged just $40,000 in 2007 ($10,000 more than for those with bachelor’s degrees alone).
It may be that new enrollees view graduate school as necessary for obtaining jobs in a shrinking industry. The Pew Research Center estimates that 2008 saw a loss of 5,000 newspaper jobs. According to Erica Smith’s layoff tracker, Paper Cuts, there have been nearly 7,500 jobs lost in 2009 alone.
J-schools, to their credit, aren't simply stuck in their ways. Although the principal medium of storytelling (newspapers) is changing, the act itself is nowhere near extinction. The major programs are adapting, offering courses in new media and preparing students for the digital realm. Students are learning how to blog, how to Twitter, and how to use LinkedIn. The Knight News Challenge, for example, is giving away $5 million a year over 5 years for original online news projects.
Still, the current situation in journalism is a fearful one. To be fair, newspaper holding companies haven't managed their businesses well - loading up on debt right before the storm. But an informed electorate is the root of democracy. And as of now, there are few established presences ready to effectively fill that void if newspapers disappear.
One can hope that the new wave of journalism students will figure out how to do just that.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
