Panning For Gold. Finding It’s Fool’s Gold.

Earlier today: Big Money From YouTube

It’s this kind of list that makes every site dump text for video. Panning for gold. They forget most such speculators went bust.

And BAM:

Digital-media bubble is bursting. That’s hurting generation of promising young journalists.

For former Mic reporter Marie Solis, the gutting experience came last year when the company decided to emphasize video rather than traditional text stories.

The young Vassar graduate, who now works at broadly.com – an offshoot of Vice – told me a few weeks ago in a phone interview that she lost her job with no warning as the company pivoted.

That move to video didn’t pay off, not for Mic or the many other similar media companies that took their cues from all-powerful Facebook. The promises of more traffic – which turned out to be based on false interpretations of data – never came to fruition and as Heidi Moore wrote in the Columbia Journalism Review, “Publishers must acknowledge the pivot to video has failed.”

Who coaxed them into dumping print for video? I bet that blithe bastard is still walking around selling similar snake oil.

But ah! These are the smart people.

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