A tourist looks through a copy of The Times newspaper. Photo: Robert Alexander/Getty Images

For decades the primary source of revenue for media companies was advertising, but competition from technology companies and more privacy scrutiny are pushing most media companies to explore alternative forms of revenue.

Why it matters: Most media companies have to unwind years worth of sales and product infrastructure to make way for the transition. Not all will survive it.

Between the lines: Most companies are looking for creative ways monetize their owned and operated channels and content, but the transition away from advertising and Facebook traffic has been difficult.

TV networks are also trying to build their own streaming services as more ad dollars float to big tech, but the competition against streaming giants is tough.

The big picture: There's a legal case for getting out, too. Advertising used to be an easy business to maintain from a compliance perspective, but new privacy laws and and an increased focus on transparency are forcing publishers to pay closer attention to their supply chains.

Be smart: Most companies are in the experimental phase, and haven't yet figured out what their long-term strategy for growth will be, if there is one.

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Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

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The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

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Illustration: Sarah Grillo/Axios

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  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
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