The media industry is going through a challenging phase. Despite of the ongoing economic recovery the media industry is facing some serious problems. Traditional Media such as Television and Newspapers are now facing revenue problems as opposed to the previously faced audience problems. New media like the internet have far more graver issues to handle, the biggest of them being their struggle with the risk of unsustainable business growth. To add to the problem, the ad revenues are also falling. Although the media industry has found a new way of disseminating information via Facebook and Twitter but it has its own challenges.
The industry as a whole is going through a transformation phase from traditional to modern. Newspapers are finding it increasingly difficult to compete against its internet counterparts. Traditional radio broadcasting is taking a beating from satellite radio and digital mp3 players. The demand is not growing as quickly as the availability of content due signifying intense competition. Mass Media is losing its influence. With the rise of Web 2.0, the net itself is becoming a mass medium.
Is it time for us to bid adieu to traditional media channels and accept the fact that modern media channels are far more superior to their traditional counterparts? I feel that the traditional media channels are in a danger of being extinct!