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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Illustration: Sarah Grillo/Axios

COVID-19 has accelerated the shrinkage of journalism.

Why it matters: If it could happen to The Atlantic, where 68 staffers were laid off today, it could happen to any media company.

The big picture: 2.4 million Americans filed for unemployment last week, reports Axios' Courtenay Brown.

  • The pre-COVID record number of filings was set in 1982 at 695,000.
  • New York state's Labor Department told reporters this week it has paid out 4.5 years' worth of unemployment benefits in just over two months.

Between the lines: The coronavirus hit diversified publishers on multiple fronts.

  • Advertising: Publishers who enjoyed record COVID-19 web traffic weren't able to monetize it, as ad rates collapsed.
  • Events: In-person events, where The Atlantic focused considerable attention and where publishers can command a premium, are currently out of the picture. Virtual events are on the rise, but they don't command the same price point.
  • E-commerce: Amazon and big mass retailers have cut affiliate fees, cutting commerce revenue from many publishers.
  • Subscriptions: Many publishers have pivoted toward subscriber models, but with a few exceptions, those gains aren't even close to enough to compensate for the lost ad revenue.

What's next: Layoffs like this in crisis usually happen in waves, so a fall coronavirus resurgence could bring another round of job losses.

  • In the future — as more companies integrate remote work into their culture — other jobs will begin to get eliminated too, like in-person sales teams or teams that help produce print products that will not come back.

The bottom line: The Atlantic's troubles, combined with the struggles at other billionaire-backed publications like the Los Angeles Times, serve as an important reminder that the industry has few sustainable paths forward without viable business models.

Go deeper

Oct 13, 2020 - Economy & Business

Bloomberg's New Economy Forum looks to take on Davos

Bloomberg

Bloomberg's New Economy Forum, going virtual this year for the first time, is on track to challenge the likes of the World Economic Forum, The Aspen Ideas Festival and others.

Why it matters: The forum will be the first major global convening of business and political leaders in the wake of the U.S. election. The World Economic Forum has been pushed until next summer.

1 hour ago - Health

CDC panel endorses Pfizer vaccine for 12- to 15-year-olds

Illustration: Brendan Lynch/Axios

An advisory panel for the Centers for Disease Control and Prevention on Wednesday endorsed the Pfizer-BioNTech coronavirus vaccine for 12-to 15-year-olds, following the FDA's emergency use authorization.

Why it matters: Approval from the CDC panel was the final step needed before inoculations could be offered at any vaccination site for this age group.

  • Pfizer has said its vaccine is 100% effective at protecting against COVID-19 in a trial of more than 2,200 children between the ages of 12 and 15.

GOP lawmakers downplay Capitol riot at House hearing

Photo: Jon Cherry via Getty Images

Republican members of Congress sought to minimize the Capitol insurrection at a House hearing on Wednesday, with statements calling pro-Trump rioters "patriots" and other lawmakers falsely denying demonstrators were supporters of the former president at all.

Driving the news: The hearing comes shortly after House Republicans voted to oust Rep. Liz Cheney (R-Wyo.) from leadership over her criticism of former President Trump's actions leading up to and on Jan. 6.