Journalism bears some responsibility (insofar as it’s become addicted to cheap social media traffic and digital ad revenue), but I think the context doesn’t justify disproportionate blame.
In particular: social media companies understood, very early on, that they could use their position to squeeze traditional media by cutting into its advertising. It was a classic industrial takeover, including the incumbent’s mockery of the newcomer until it was too late.
They probably deserve some blame for not seeing how the wind was blowing, and reacting accordingly. But I would place more blame on digital ad markets and all of the perverse incentives associated with them, all of which originate somewhere in the grimy junction between VCs and traditional advertising.
In particular: social media companies understood, very early on, that they could use their position to squeeze traditional media by cutting into its advertising. It was a classic industrial takeover, including the incumbent’s mockery of the newcomer until it was too late.
They probably deserve some blame for not seeing how the wind was blowing, and reacting accordingly. But I would place more blame on digital ad markets and all of the perverse incentives associated with them, all of which originate somewhere in the grimy junction between VCs and traditional advertising.