“You Can’t Handle the Truth!”: Why Traditional Journalism Matters in the Digital Era
By Lillie Fitzsimons, account executive in Financial Services.
With global elections spanning more than 60 countries, 2024 was heralded as a monumental year for democracy. Instead, access to reliable, verifiable information came under unprecedented attack. The rise of generative AI technologies has given ‘fake news’ rhetoric a dangerous lease of life – and traditional journalism may be the only lighthouse in a storm.
2024 has borne witness to a dangerous evolution in deepfake technology. Headlines have become increasingly dominated by dystopian uses of generative artificial intelligence (genAI), from children producing deepfakes of classmates to political machinations aimed at voter suppression. Crucially, regulation has failed to keep pace, with landmark legislation such as the EU AI Act limited in scope and often unenforceable – leaving audiences unprotected from bad actors who seek to use this accessible and ubiquitous technology for harmful means.
So, how did we get here, and what does this mean for traditional journalism?
Headlines to Hashtags?
The evolution of social media has a large hand in the problem. 1 in 2 UK adults now turn to social media for news headlines, attracted by the convenience, accessibility, and speed of reporting. Yet unlike traditional news platforms, these platforms have no reputational, ethical, or legal responsibilities to substantiate information shared on their sites.
Even where protections are in place, they’re often narrow in scope. Manipulated imagery of Joe Biden, for example, was deemed compliant with Meta’s policies since it involved actions rather than speech; Taylor Swift’s explicit deepfake photographs were viewed over 47 million times before X intervened; and Rishi Sunak’s likeness was used in over 100 scam video advertisements promoted on Facebook, reaching as many as 400,000 people before action was taken.
Indeed, social media platforms aren’t only ineffective at stopping the spread of misinformation – they’re designed to accelerate it. While early social networks were built around connections with family and friends, newer platforms instead feed users a stream of ‘suggested’ content entirely out of their control. The algorithms bring content and news based on user interests, allowing them to engage immediately with content that aligns with our often subconscious biases.
Hasta la Vista, Traditional Journalism
The fallout has been hard for traditional journalism. Sensationalised misinformation often outpaces credible reporting, making it increasingly challenging for journalists to keep pace and stand out in a crowded landscape. Coupled with shrinking advertising revenues, declining public trust, and the time sap of sorting through relentless misinformation, news houses are under pressure like never before.
Yet paradoxically, these challenges have highlighted the indispensable role of traditional journalism. Trust is a rare commodity in the digital era, and the reputation of established news outlets has become their most significant asset. To answer the demand for credible reporting, journalism has been pushed to reach a new burden of proof, as the most stalwart of visual evidence becomes useless in a time of fake news. Where once a photograph or video would have sufficed as evidence, journalists must now amalgamate eyewitness accounts, official documentation, corroborated data, and a myriad of other forms of proof to substantiate claims.
Journalism: The Truth Is Out There?
These evolving dynamics are also reshaping how financial services and businesses engage with the media. As news organisations increasingly prioritise in-depth, audience-focused reporting, organic, top-tier media coverage has become a powerful tool to build trust and authority – especially as search rankings and brand trust grow ever-closely entwined.
Media knowledge, industry relationships, and targeted communication strategies are therefore vital for businesses looking to position themselves as thought leaders in this increasingly selective environment. And while the functions of financial public relations are generally aligned, the route to success is deeply nuanced: a wealth management marketing strategy will differ vastly from a cryptocurrency marketing strategy, for example.
Ultimately, however, while newsrooms continue to adapt and evolve, the core principles of journalism – accuracy, credibility, and storytelling – remain the same. For financial businesses, this means that a media relationship isn’t just about reaching potential clients; instead, aligning with credible media outlets is an opportunity to contribute to an endangered ecosystem of informed discourse. In an era where information is abundant but trust is scarce, journalism remains a vital avenue through the noise to deliver narratives that truly reach readers.
Bibliography:
The potential effects of deepfakes on news media and entertainment
Key Takeaway Section
Q: How has generative AI impacted journalism?
A: Generative AI has enabled the creation of deepfakes and fake news at an alarming scale, undermining public trust in information.
Q: What role does social media play in spreading misinformation?
A: Social media algorithms amplify unverified content, bypassing the ethical standards upheld by traditional journalism.
Q: How can traditional journalism survive these challenges?
A: By emphasising credibility, quality reporting, and systemic support, traditional journalism remains critical in combating misinformation and preserving democracy.
