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, Axios' Sara Fischer reports.

• Hundreds of local, national and even international newsroom jobs have been axed, and student internships and fellowships have mostly been canceled.

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 multiple fronts on diversified publishers.

• 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.

People cheer for medical workers at 7 p.m. last night in New York.

1. Economy: The stock market's speculative frenzy.
2. U.S.: Senate confirms John Ratcliffe as intelligence chief — Lori Loughlin agrees to plead guilty in college admissions scandal.
3. World: China plans sweeping national security law for Hong Kong — At least 80 dead after Cyclone Amphan lashed India and Bangladesh.
4. Tech: Facebook could have 50% of staff on remote work by 2030 — Ex-Juul CEO Kevin Burns in talks to join digital pharmacy Alto.
5. Education: 20% of students are uncertain of returning to college — Rep. Jahana Hayes says CDC guidance for reopening schools is "unrealistic."

Netflix is preparing to cancel subscriptions of people who stopped watching, the company said in a press release today.

• "So we’re asking everyone who has not watched anything on Netflix for a year since they joined to confirm they want to keep their membership."
• "And we’ll do the same for anyone who has stopped watching for more than two years."

The company estimates this will amount to a few hundred thousand people.