The problem for American journalism isn’t just that revenues are collapsing; the entire context in which traditional institutions operated is being altered. This leaves three options for American newspapers today (and for magazines and broadcast news in the near future): They can try to preserve their existing structure while shrinking their operations; they can restructure, changing not just size but organizational pattern; or they can collapse, simply extracting the revenues they can get before they vanish.
Clay Shirky, Columbia Journalism Review. Failing Geometry.

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