The elephant in the room that most of the journalists belonging to “conventional media” refuse to acknowledge is the loss of credibility, maybe because it’s too scary to acknowledgement.
The recent example was a blatant support for Hillary Clinton despite Donald Trump’s shortcomings. Most of the journalists didn’t even pretend to be objective. Donald Trump wouldn’t have drawn so much support if it hadn’t been for the biased coverage he was bombarded with. Whatever credibility was left, was lost during the recent elections. Why would people read news from sources (and more importantly, spend money on those sources) that are propped up with journalists and commentators people don’t trust? Doesn’t make sense.
Yes, many factors are contributing towards the demise of conventional media but one of the biggest factors is that these days they don’t have credibility. People had no reason to switch over to alternative news sources if they could trust established journalists. Now people can see through. The downside is, they end up trusting people they shouldn’t be trusting.
But I think the world is going through a churning process. Eventually everything will settle down and people will be able to differentiate between fake news and real news.