The sharp fall in media advertising – recently reported by TT Whistleblower – is leading to more job losses.
One Caribbean Media (OCM) is expected to release a second batch of employees and job losses are also expected at Guardian Media Ltd., (GML), which has just announced a structural shakeup.
TT Whistleblower reported on the decline in media advertising in an article headlined Lower advertising $, new consumers trends lead to… Tough times for media.
OCM and GML are the largest players in the crowded local media market.
They are publicly-traded companies with consolidated balance sheets.
Smaller media companies are also hard-hit by the decline in advertising, and, over time, there have been layoffs of small numbers of workers.
Government-owned Caribbean New Media Group (CNMG), which has minimal audiences for its television and radio stations, is also impacted but is being bolstered by taxpayer funding.
The fall in advertising has resulted from the weakening national economy and lower consumer patronage as a result of the growth in digital media.