How is Social Media Reshaping the News Industry?

Social Media took the world of traditional media by surprise. More and more people are abandoning their newspaper and cable subscriptions and adhering to the internet with its various social media websites.  While some argue that history proved new media doesn’t necessary destroy old one (Television didn’t destroy Cinema or Radio), no one can deny that there is a huge challenge facing news media outlets. Social media has set a new milestone in the history of media and re-defined the way people access information. Printed newspapers may be the channel that is suffering the most, but it is a matter of time before they realize the changes in the play ground and evolve to harness the new found powers.

CNN's iReport.com

CNN's iReport.com

People are the media; that is the state of the world today, where anyone with a cell phone and equipped with a merely decent digital camera can broadcast to the world. Bloggers have been gaining ground and reaching wider audience, and twitterers have been making the news faster than any other news agency. What does this mean for news media outlets?  It breaks their monopoly of news – for the first time in history – and opens the door of competition with many enthusiastic individuals!

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