Media Jobs on the Decline Again

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Interesting numbers and analysis from the Challenger, Gray & Christmas firm. Unfortunately, more than a few friends and former colleagues have been caught in this downward spiral over the years.

Job cuts in the media sector, print and broadcast news and entertainment, are creeping back up after a decline in recent years, according to Challenger data. Layoffs in the sector were heavy during the recession, when print media cut thousands of jobs in response to the changing way readers were consuming news.

This year, major restructuring from Gannett, ESPN/Disney, and other media outlets have caused cuts in the media sector to increase. In the latest announcement, news and information giant Thomson Reuters revealed 3,000 job cuts. Unlike other recent layoffs related to the ongoing struggles of traditional media, the Thomson Reuters cuts are actually due to the ongoing struggles of the financial sector, where cost-cutting is lowering demand for the company’s financial terminals.

Announced Media Sector Cuts

  • 2003: 9,611
  • 2004: 11,471
  • 2005: 9,543
  • 2006: 17,809
  • 2007: 11,700
  • 2008: 28,803
  • 2009: 22,346
  • 2010: 4,889
  • 2011: 7,720
  • 2012: 5,614
  • 2013: 8,239 (through September)

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