Why I bet my career on the collapse of legacy media
The "podcast election" exposed cracks in mainstream news and cemented the rise of independent journalists.
The 2024 election confirmed what younger audiences, independent journalists and creators have known for years: Legacy media’s influence has collapsed.
And yet for both rank-and-file reporters and newsroom executives, this multi-year trend hit like an epiphany on November 5.
Many mainstream political commentators and columnists made it clear not only who they wanted to win but who they expected to win, though their calls reflected the opposite of what unfolded.
Famed pollsters like Nate Silver and J. Ann Selzer found themselves inexcusably off the mark in forecasting an outcome that decentralized betting markets like Kalshi and Polymarket had predicted for months.
There are fair reasons why Donald Trump’s 2016 victory blindsided legacy media, but it’s troubling that the same thing happened again.
For professionals whose job it is to capture the political zeitgeist, missing twice is not a good look — talk about undermining credibility.
It’s no wonder that Americans’ trust in media has declined from 55% to 31% over the last two decades.
This collapse reflects more than dissatisfaction. It signals a deeper shift in what audiences value and who they trust to deliver it.
Mainstream exodus
Increasingly, audiences are turning to independent newsletters, podcasts, and YouTube channels for information. This is true anecdotally among my friends and peers and also reflected in the data.
In the three weeks since the election, viewership for mainstream networks like CNN and MSNBC has cratered double-digits. Reports of newsroom closures, spinoffs and takeovers have surged.
The notion we’ve just lived through the first “podcast election” feels less like a joke and more of a cultural turning point.
Leaving Business Insider to launch Opening Bell Daily earlier this year was my bet that all of the above will only accelerate.
High-profile colleagues of mine across media are doing the same:
October 2023: Fortune editor Lance Lambert quits to launch independent real estate outlet
December 2023: Tucker Carlson pivoted to podcasting after Fox News fired him
August 2024: CNN reporter Oliver Darcy quits to launch a newsletter
October 2024: Columnist Taylor Lorenz departs Washington Post to launch a newsletter
November 2024: Chris Wallace leaves CNN to explore podcasts and streaming
November 2024: Top editor Nich Carlson (my former boss!) leaves Business Insider to build a video startup
Plenty others have struck out on their own, too.
This wave isn’t about abandoning institutions. It’s about redefining journalism on terms that prioritize a direct connection with audiences.
Creator-journalists and reflexivity
Doing great journalism is one thing, but it becomes moot if no one knows the work exists. As a result, the rise of independent media has narrowed the gap between “creator” and “journalist.”
Creators — ahem, influencers — establish themselves by building an audience around unique content. The savviest journalists leaving legacy media embrace the same playbook. The difference between the two camps, however, is that the latter can capitalize on the reporting chops, contacts and credibility gleaned from prior newsroom experience.
To borrow an idea from financial markets, this shift is driven by reflexivity.
The term explains the feedback loop between perception and reality. When investors believe a stock will go up, for example, they buy more shares, which in turn drives the price up and validates their original belief.
The reflexivity in media is clear. As audiences grow disillusioned with legacy outlets, they turn to independent operators who either confirm their biases or speak to them in a way that is more relatable and less pretentious.
The more independent journalists deliver content that resonates, the more audiences demand it. This further erodes the influence of traditional sources and solidifies creators’ role as a reliable alternative.
What does this mean in practice?
For me, I now post nearly as many short-form videos as I do articles.
Getting comfortable on camera has helped me develop an audience around both my personal brand and business, plus it’s opened the door to opportunities typically reserved for influencers.
The future of journalism
The media ecosystem is fracturing faster than incumbents are willing to admit.
Legacy giants like The New York Times and Wall Street Journal won’t vanish anytime soon, but their dominance is less obvious today than a few years ago.
Each day, smaller, nimble startups chip away at their market share by ignoring scale and beating them with speed, trust, and relatability. This should give more journalists the courage to launch a newsletter or show in a market that’s clamoring for digital-native, independent sources.
As of November 18, roughly one in five Americans — regardless of political party — say they get their news from influencers on social media, according to a Pew Research report.
Nine months since leaving corporate media, I’m still a relative newcomer to the independent scene. It’s true that building a business is hard and the industry remains competitive.
That said, I could not have a higher sense of conviction that building Opening Bell Daily in this exact moment puts us on the right side of a trend that’s just getting started.
Unironically, of all the strategies I’ve tested so far, one heuristic has served the business best: Do the opposite of whatever mainstream media is doing.
Talk to you next week.
Phil Rosen
Co-founder and Editor-in-Chief, Opening Bell Daily
100% on this. Media was always about coming down to where the people are. Newspapers have a long history of being partisan. TV News was seen as a joke when it first launched. Then there was cable news, blogs and now social media influencers.
Journalists aren't academics. We don't get to be high and mighty. We need to be of the people and with the people.
"It’s about redefining journalism on terms that prioritize a direct connection with audiences. " This is very true. I pray that you are successful! 🙏🏾