Douglas McIntyre, the editor of 24/7 Wall Street, writes on BloggingStocks.com about how he foresees the future of business journalists who have lost their jobs due to downsizing.
McIntyre writes, “The horrible thing about all of this and the layoffs at business sections of newspapers, is that the reporters who work the business and financial beats are writing their own obituaries. As they chronicle the demise of print media, the slowing of Internet advertising, and deepening recession, they have to go to work every day hoping that they will not find a pink slips on their desks.
“What happens to these people?. They will not find jobs in the traditional media, but there is a model in the newspaper industry that may given them some hope. In many cities where dailies are struggling to survive and layoffs are plentiful, out-of-work writers are banding together to start websites to compete with the local press. Setting up these websites is cheap. The reporters already know their subjects as well as anyone else. They only need very modest ad revenue to do relatively well.
“Business reporters may go the same route. Look for a lot of new, smaller financial websites to open staffed by laid off writers and watch them give the traditional press a run for its money.”
Read more here.