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The decline of the news industry is rooted in a vicious circle of financial leveraging leading to capacity cuts, and then to declines in quality of content, credibility, audiences and revenue streams. Simultaneously, a competing sector of media, which the authors call stakeholder media (because they are driven by communities of practice or interest), is expanding. The authors argue that the future of watchdog journalism is directly linked to stakeholder media, which will furnish a growing share of the public and the revenues necessary for investigative reporting. The authors first analyse the decline of the news industry and identify capacity as the key vector.
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