Business journalism exists, so to speak, mainly to analyse, record, track, and interpret the economic, business, and financial activities, as well as changes, that take place in the world’s societies.
Usually, the topics that are discussed via business journalism cover the entirety of the commercial activities that are related to the economy.
In short, business journalism is meant to provide us with information on places, people, and issues that are connected to the business sector. Now, given the fact that most magazines, newspapers, and television channels come with a business segment, it is clear that business journalism matters!
However – what are the reasons behind its importance? How does it help us, the common folk – so to speak, to better understand business?
Here are seven of the reasons why business journalism is important!
It beats Twitter
Even though jokingly put, this is entirely true! One of the most important reasons why business journalism matters is that everything that it can say cannot be put in a Twitter or another social media post.
For example, take any company that has been among the top ones in the world and start analysing its financial dealings and so on. You will soon notice that such things come with global implications that simply cannot be put in a short article or post.
If we want insight on business, money, and business within the society, we have to read the business journalism article that deals with the aforementioned properly. Business journalism can never be replaced by modern solutions, for example, or by any other means.
It involves almost everything
If we are to look at nowadays’ trade agreements, taxation, immigration, and environmental policy, as well as Brexit, we’ll notice that these aspects involve economics and business alongside politics.
It goes without saying that almost anything that’s happening nowadays – mostly at a large scale – is directly connected to business and, therefore, business journalists are able to convey the information we want to hear in relation with issues that may also interest us.
Moreover, given that so many issues are related to business, we can rely on business journalists to be able to cover most critical stories with depth, as well as with precision.
It tells us everything we need to know
Business journalism doesn’t just tell us some of the things that are related to business, finances, and so on. Of course not!
This area of journalism is here to keep an eye on the society’s biggest organizations, namely corporations, and their ever-increasing influence. In short, journalists – through business journalism – will always be able to tell us what companies are looking for when hiring, which companies are struggling to hire people or to manage their funds/ issues, as well as which corporations keep their promises or not.
For example, even though business journalism has no connections to environmental health or such, it will be able to tell us which major organizations/ corporations are taking care of it or not.
Basically, business journalism – via analysis and tracking – can offer us valuable insight into many other things, not only business, without even having these things as the main point of focus.
It makes subjects understandable
As mentioned before, business journalism is able to tell and show us everything we need to know about big organizations, companies, corporations, and so on.
However, if we were to be given that information raw, as journalists collect it, we probably wouldn’t understand too much from it. This is because, even though economics and business are two of the strongest forces that shape our lives, they are usually either mysterious or unseen.
Therefore, we -the public - are often prone to be manipulated, lied, and tricked into believing something else. Luckily, business journalism is able to lift the curtain, so to say, and show us the information that guides our lives in a way that we can easily understand and analyse.
It Is the Core of Every Major Story
As stated, business journalism involves almost everything – however, it can be also seen as the central piece of every major story throughout the world. Even though these stories don’t revolve around business (and business journalism), they can still be tied to it.
For example, most recent stories make one thing certain – namely, the fact that following the money will usually result in meaningful accountability. Thus, we can look at the Trump taxes, the China trade wars, p2p lending regulations, instances of selling our data on social platforms, and so on.
It goes without saying that all of the things mentioned above are based on finance, business, and economics, and that business journalism will most likely cover stories like this from now on.
Basically, everything that is remotely connected to money (economics and so on), will be tracked, analysed, and recorded by business journalists. Even the Instagram influencers will probably be the targets of these case studies, especially given the latest proof that most influencers are nothing without a company to support them.
The Bottom Line
Therefore, why does business journalism matter?
Like it or not, everything that’s happening nowadays is more or less connected to business. For example, even the controversy related to social media platforms selling our data to third-parties had to be solved, on a large scale, in order to avoid as much damage as possible to the industry and to the industry’s leader.
Moreover, we can safely say that, if it wasn’t for business journalism, we probably would have never imagined the impact the said controversy had on multiple social media platforms.
- The leading social media platform company ended its shares last year with almost 40% down compared with its peak.
- The same company’s share price finished with its lowest closing price in almost 22 months.
We wouldn’t have known the above facts if we lacked business journalism!
In short, this area of journalism is needed so that everybody can understand the implications business, economics, and finance have on our world and on our day to day lives, be them on a large or small scale.
You could say that business journalism is a sort of sneak-peak we are provided with, which allows us to see beyond the façade and the official speeches that don’t give us as much information as we wanted!
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