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Data: Challenger, Gray & Christmas; Chart: Andrew Witherspoon/Axios

About 963 newsroom jobs have been lost so far this year — down 91% from the 10,576 cuts through the same period last year, according to new data.

The big picture: Other factors, like record advertising growth and the speedy return of live events, suggest the media industry is rebounding quicker than it originally anticipated.

Why it matters: A year ago, media companies were reeling from the early effects of COVID-19 — scrambling for loans and laying off thousands while hoping to make it through a possible recession.

  • Now, things are looking up, mostly because the economy didn't collapse.

Driving the news: New data from Challenger, Gray & Christmas, Inc. suggests that while many media jobs are still being lost, hundreds are starting to be added.

  • So far this year, media employers have announced 725 new hiring plans, compared to just 12 this time last year.

Advertising is exploding. Global ad spending is expected to grow by $78 billion in 2021 to $657 billion, an all-time high, according to a new mid-year forecast from advertising firm Magna.

  • That follows a decline of 2.5% in 2020, which prompted dozens of media outlets to implement sweeping layoffs and pay cuts last spring.
  • Today, many publishers say their ad revenues have fully rebounded or even increased following last year's tumultuous turn of events.
  • Looking ahead, the U.S. advertising market is expected grow by $34 billion to reach $259 billion this year — its strongest growth rate in 40 years.

Be smart: The adoption of new digital products, like virtual events, e-commerce, and online courses, has also pushed media companies and newsrooms to diversify their revenue, and for some, make even more money than before.

Yes, but: There are still some setbacks that will impact the industry this year, especially at the local level.

  • Donald Trump's exit from office means that subscription revenues for many publications aren't growing as fast as they did last year. Traffic for news sites is mostly down across the board, according to data from SimilarWeb.
  • Local newspapers continue to face headwinds as private investment firms look to consolidate local titles even further post-pandemic.
  • Even though SPACs (special purpose acquisition companies) are seen as strong investment vehicles for many media companies, concerns about the SPAC market cooling means that not all firms will be able to raise the money necessary to go public through a blank-check company.

Bottom line: The anticipated collapse of the economy drove media companies to take drastic measures in the first half of last year to avoid going under. One year later, the media industry broadly is on the mend.

Go deeper

John Frank, author of Denver
Sep 22, 2021 - Axios Denver

Defying the pandemic, Colorado sees an economic rebound

Expand chart
Data: Colorado Legislative Council Economic Outlook; Note: 2021 average is from September 2020 to August 2021; Chart: Sara Wise/Axios

The state's economy continues to show substantial growth even as coronavirus cases hit 2021 highs and inequities persist.

Why it matters: The dichotomy — revealed Tuesday in two economic forecasts — is driving how Colorado leaders respond to the pandemic and decide to allocate billions in state and federal relief.

Updated 54 seconds ago - Politics & Policy

Senators grill top Pentagon leaders over Biden's Afghanistan exit

Photo: Carolone Brehman/Pool/AFP via Getty Images

Defense Secretary Lloyd Austin, Joints Chiefs of Staff Chairman Gen. Mark Milley, and the head of U.S. Central Command, Gen. Frank McKenzie, are testifying publicly this week for the first time since the chaotic U.S. withdrawal from Afghanistan.

The latest: Austin said in his opening statement that military leaders began planning for a non-combatant evacuation of Kabul as early as the spring, and that this is the only reason U.S. troops were able to start the operation so quickly. "Was it perfect? Of course not," Austin acknowledged.

Ben Geman, author of Generate
29 mins ago - Energy & Environment

The energy crises roiling Europe and China — and beyond

Data: FactSet; Chart: Axios Visuals

Energy crises in Europe and China are spilling into economic forecasts, supply chains and beyond.

Driving the news: Europe has for weeks been facing sky-high natural gas and power prices, while China — the world's second-largest economy — is facing electricity shortages that are hobbling factories.