Media job cuts? Get used to it – study

January 25, 2007

Media executives: don’t get too comfortable. With some 2,000 planned job cuts announced in January alone, the media industry job pool will likely contract in the foreseeable future, according to job outplacement firm Challenger, Gray & Christmas.Blame readers who are increasingly relying on the Internet for news, entertainment and classified ads for last year’s record-breaking number of jobs lost. The 88 percent rise in job cuts in 2006, or 17,809 jobs, was second only to 2001, when the dot com bust left 43,420 media workers unemployed.It could’ve been worse, especially if you were employed in the autos industry, which lost 158,766 jobs last year, or the financial industry which served 50,327 pink slips.You’ve been warned: “Of course, news sources have no choice but to build a strong online presence or risk fading into oblivion,” according to the study.Read Reuters coverage here.

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