Fewer people get their news and commentary from traditional soucres (broadcast, newspaper, etc). We can debate if that's good or bad but have those "mainstream" media sources brought the competition - and losses - on themselves? Christine Rosen from the American Enterprise Institute argues that they have and continue to push the audience away through dishonesty, incompetence, and outright bias.
For more information: https://www.aei.org/op-eds/the-suicide-of-the-mainstream-media/
