Who would have known that print journalism would be joining the ever growing list of industries facing bankruptcy? Not too long ago the company that owns the Chicago Tribune and the Los Angeles Times sought bankruptcy protection from creditors. One wonders whether technology has had a hand in bringing print journalism down or could it be that this industry is another casualty of the economic recession?

Statistics show that more people are reading the news online than ever before. We live in an age where technology has transformed the way news is reported. With constant breaking news and never ending exclusive headlines, print media is being sidelined particularly by news portals on the internet such as The Huffington Post and The Drudge Report. The Christian Science Monitor which is long time favorite for most news junkies has reduced it’s circulation to once a week. As for the New York Sun, their doors are closed. No one knows for how long.

The whole situation has been precipitated by businesses making adjustments in their spending. Systematic cut backs by most businesses in the present economic climate means that revenue from advertising which so many in the print media rely on has been greatly reduced.

As the future of print journalism hungs in the balance, a good number of journalists face an uncertain future and could soon join the great army of freelance journalists who have to fiercely market their work. Most writing work in some print media houses is now being outsourced to news writers in Asia who are supplied with press releases, transcripts of interviews and web videos which are then produced as stories ready to be printed.

There are fears that outsourcing will cause further damage to a labor market which has already been hurt by the recession. Out sourcing has in the past been used by various firms particularly in the tech sector as a way of having access to a “larger talent pool”.

Outsourcing may look like a great idea for businesses to make real profit by spending less in the production process but as time goes by companies that outsource tend to fall behind in their business targets and end up lossing on investments in real productivity.

The year 2009 certainly looks bleak as the commercial irregularities of many companies continue to be uncovered. So lets all brace ourselves for a rough ride ahead.