I logged again on to social media after every week offline within the countryside, solely to see my timeline full of information of an assassination try on Trump.
My first thought, after noting my impeccable timing, was: “Let me see how CNN frames this.”
And lo and behold: The very first thing they wrote was that “Trump was rushed off stage after falling at his rally”.
You will have had an identical thought course of like mine, and should you did, you’ll most likely agree that the media panorama has modified.
Rather a lot.
Influenced by the political leanings of its workforce, the rise of cancel tradition, and the necessity to make cash, this shift has majorly impacted how tech and Bitcoin (and just about every little thing else) are considered.
So what is going on on right here?
Let’s dive into what’s shaping at this time’s media.
No Monolithic Media Elite
First off, let’s make one factor clear: There is not any secret group of media elites calling the pictures.
The thought of a capital “M” Media controlling every little thing is solely not true.
It’s a fable.
What’s actually occurring is that many journalists come from elite colleges like Columbia, Harvard, or Penn. This development has introduced a liberal bias to the media, not due to a grand conspiracy, however due to the backgrounds and views of these creating the information.
This liberal slant has notably affected protection of tech and Bitcoin, making left-leaning media shops basically anti-tech.
Typically, liberals have been cautious of fast tech developments and the decentralized nature of Bitcoin, seeing them as threats to laws and conventional monetary methods.
The Rise of Cancel Tradition
One other issue is that the final decade has seen cancel tradition take off, the place individuals or firms face public shaming for controversial opinions or actions.
This has additionally influenced media firms in a significant approach, making journalists really feel they should align their reporting with prevailing attitudes to keep away from backlash.
In consequence, media firms have let their staff’ political biases form the content material greater than they used to.
Now, you could assume that is totally different from the MSM of earlier a long time, pondering they aimed to be extra balanced and fewer politically charged.
Positive, political bias has usually overshadowed factual reporting, particularly in hot-button areas like tech and Bitcoin, however that is nothing new.
Chasing Fact vs. Making Cash
On the core of media operations is the battle between discovering the reality and earning profits.
These firms make cash in two methods: promoting, which connects potential patrons with sellers, and subscriptions, which embody client subscriptions (like your $10/month information subscription) and enterprise subscriptions (like shopping for a Bloomberg terminal).
In the event you look again over the past 15 years, the period of mass client publications is over. At the moment, the media is flourishing at two ends of the spectrum.
The New York Instances, for instance, is doing phenomenally properly. Folks won’t notice that the New York Instances is known as a product firm at this level, with 30-40% of their enterprise coming from video games and cooking, and one other huge chunk from their subscriptions.
The purpose is; whereas journalism ideally seeks to uncover and report the reality, financial realities dictate in any other case.
Media firms want to interact their viewers and make cash in numerous methods, in order that they cater to what their viewers needs, sNavigating media bias is vital in a digital age when that bias is changing into extra pronounced.ometimes sacrificing goal reality, generally sacrificing precise journalistic work in favor of no matter brings in income.
This explains why media shops tailor their content material to their viewers’s preferences.
Editorial selections about what tales to focus on and body points are pushed by what’s going to appeal to readers and viewers to not solely the story itself however the multimedia ecosystem an outlet needs to supply to stay related and economically viable.
A Historic Perspective on Media Bias
However whereas these totally different income streams are new approaches to media, bias itself isn’t.
Throughout the American Civil Conflict, newspapers brazenly supported particular political factions. (Google “Copperhead Democrats” to get an thought of considered one of three totally different media shops all choosing a facet.)
At the moment’s media works precisely the identical approach, solely with trendy complexities.
Digital platforms and algorithms that curate content material based mostly on consumer preferences have intensified echo chambers, the place individuals largely see data that helps their current beliefs.
This echo chamber impact worsens media bias, as shops produce content material that aligns with their viewers’s views to maintain them engaged.
For tech and Bitcoin, this implies adverse narratives will stick, making it powerful to struggle the biases.
Bitcoin Is Not For Everybody
In an opinion piece from final 12 months, I wrote about how Bitcoin isn’t for everybody, that means that one has to take a look at particular teams. The Bitcoin and wider tech trade want to know and navigate this panorama.
As a result of having a bent in the direction of sure subjects is ok—it is a part of the media. The issue occurs when that bias results in writing issues that are not factual.
And that’s the reason why individuals have grown to dislike the mainstream media as an entire—not as a result of it has a bias, however as a result of that bias usually overpowers factual reporting. This can be a comparatively new phenomenon.
And from the look of it, it would proceed, or media organizations may notice that in the event that they hold doing this, they’re going to lose their viewers’s belief.
Or perhaps the lesson is the inverse: In the event you go too impartial, your viewers may also react negatively, making an attempt to cancel you or pull their contracts.
Most media organizations, whether or not it is CNN, the New York Instances, or Fox Information, know what their viewers needs to listen to. The one time they face a revolt is once they current the alternative narrative.
So curate your content material consumption rigorously.
As a result of I do know the world is frightening proper now, but it surely’s gonna get approach worse.
This can be a visitor submit by Fernando Nikolic. Opinions expressed are completely their very own and don’t essentially replicate these of BTC Inc or Bitcoin Journal.