I logged again on to social media after per week offline within the countryside, solely to see my timeline crammed with 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 might have had an identical thought course of like mine, and should you did, you’ll in all probability 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 no secret group of media elites calling the pictures.
The concept 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 faculties 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 significantly affected protection of tech and Bitcoin, making left-leaning media shops basically anti-tech.
Usually, liberals have been cautious of speedy tech developments and the decentralized nature of Bitcoin, seeing them as threats to rules 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 corporations face public shaming for controversial opinions or actions.
This has additionally influenced media corporations in a significant method, making journalists really feel they should align their reporting with prevailing attitudes to keep away from backlash.
Because of this, media corporations have let their workers’ political biases form the content material greater than they used to.
Now, chances are you’ll assume that is completely different from the MSM of earlier many years, considering they aimed to be extra balanced and fewer politically charged.
Certain, political bias has typically 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 making a living.
These corporations make cash in two methods: promoting, which connects potential consumers with sellers, and subscriptions, which embody client subscriptions (like your $10/month information subscription) and enterprise subscriptions (like shopping for a Bloomberg terminal).
Should you look again during the last 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 nicely. Folks won’t understand that the New York Instances is mostly 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 corporations want to have interaction their viewers and make cash in numerous methods, so that they cater to what their viewers needs, sNavigating media bias is necessary in a digital age when that bias is changing into extra pronounced.ometimes sacrificing goal fact, typically 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 choices about what tales to focus on and tips on how to body points are pushed by what is going to entice 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 completely different income streams are new approaches to media, bias itself isn’t.
Throughout the American Civil Struggle, newspapers brazenly supported particular political factions. (Google “Copperhead Democrats” to get an concept of one among three completely different media shops all choosing a facet.)
At the moment’s media works precisely the identical method, solely with trendy complexities.
Digital platforms and algorithms that curate content material based mostly on consumer preferences have intensified echo chambers, the place individuals principally see info that helps their present 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 unfavorable narratives will stick, making it robust to battle the biases.
Bitcoin Is Not For Everybody
In an opinion piece from final yr, I wrote about how Bitcoin isn’t for everybody, which means that one has to have a look at particular teams. The Bitcoin and wider tech business want to grasp and navigate this panorama.
As a result of having a bent in direction of sure subjects is okay—it is a part of the media. The issue occurs when that bias results in writing issues that are not factual.
And that’s why individuals have grown to dislike the mainstream media as a complete—not as a result of it has a bias, however as a result of that bias typically overpowers factual reporting. It is a comparatively new phenomenon.
And from the look of it, it would proceed, or media organizations would possibly understand that in the event that they hold doing this, they will lose their viewers’s belief.
Or possibly the lesson is the inverse: Should you go too impartial, your viewers may also react negatively, attempting 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 after they current the other narrative.
So curate your content material consumption fastidiously.
As a result of I do know the world is frightening proper now, nevertheless it’s gonna get method worse.
It is a visitor put up by Fernando Nikolic. Opinions expressed are solely their very own and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
