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New Business Journalism Ventures Fill a Void

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By Chris Roush
Nov. 6, 2007

I never thought I’d say this, but enough with the negativity.

Not in business journalism stories. I’m all for critical looks at CEOs and companies and other topics – as long as the reporting is fair and balanced.

But there’s been too much negativity surrounding all of the new business journalism media being launched. The introduction of Conde Nast Portfolio, Fox Business Network, a new magazine called Pursuits from The Wall Street Journal, a proposed business news web site from Slate and others signal nothing but positive things about the field.

You wouldn’t know it from what you read and hear, however. Portfolio focuses too much on the business elite. Fox is too boosterish. And why do we need another magazine and another web site devoted to business coverage?

What the critics fail to realize is that there actually is a need for more business and economics coverage. Forty years ago, maybe 10 percent of U.S. households owned investments. Now, that figure is above 50 percent and climbing.

Forty years ago, our grandparents worked for one company their entire careers. Now, we’re jumping around from job to job like frogs on lily pads.

The point is that the economy and business worlds have changed, and the business media is changing with it. As consumers demand more information to understand what’s going on in their lives, then the media respond with different ways to try to provide that information.

I look at the new publications and outlets in business journalism and see that the media world has woken up to the realization that we’re now a society that pines for as much information as we can get about money and everything that revolves around money.

What’s more, it means that there are more jobs in business journalism than there have ever been before. We’re a growth sector in an industry that’s contracting.

I don’t like some of the content I see in some of these new business media outlets. That’s nothing new. But I like that there’s more content in business journalism than ever before.

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