The corona crisis is difficult for many professions. Two sectors are severely affected by the pandemic, which are now receiving financial support from large tech companies.
In addition to many fields of work, another industry is also suffering enormously from the corona crisis: journalism. Because although reliable reporting is more important than ever, the current situation has an increasingly negative impact on local media companies. The majority of their income comes from advertisements, which are currently not available. Because many advertising companies have already had to stop operating. The American media portal BuzzFeed News reported this week that the corona pandemic could hit the media industry even harder than the 2008 financial crisis. To counter a financial catastrophe, Twitter announced on the Company blogto donate a million dollars. Vijaya Gadde, responsible for law, guidelines, trust and security on Twitter, writes in the post:
We're donating one million dollars evenly distributed between the Committee to Protect Journalists and the International Women’s Media Foundation. These funds will be used to ensure these organizations can continue their work in the face of new economic strains and to directly support journalists. Their shared efforts to advocate for the rights of vulnerable reporters and to guarantee an equal share of voice for women in the industry has never been more relevant or important.
Social media giant Facebook has already donated more than $ 100 million to various initiatives that journalists are currently supporting. Bytedance, the company that runs the short video app TikTok, also announced that $ 10 million to the World Health Organization to donate. And search engine giant Google supports it different organizations and initiativeswho promote reliable journalism, financially.
The music industry is also suffering from the corona crisis
People who work in the music industry are currently also facing enormous financial losses. Because among other things, musicians, technicians and production staff suffer from the cancellation of music events such as festivals or concerts. As a result, some of the largest music streaming platforms support the MusiCares COVID-19 Relief Fund. In addition to Amazon Music, YouTube Music or Tidal, Spotify also made donations for people who are currently facing wage losses. The companies did not say how much money they donated to the organization. However, MusiCares announced that a total of $ 2 million has already been received in the donation account. Streaming pioneer SoundCloud also tries to support musicians in times of the corona crisis. Just recently announced the companyto work together with the video streaming platform Twitch. This makes it easier for musicians to make money from home.
The full impact of the coronpandemic on the economy is still unclear. What is certain, however, is that small businesses and freelancers in particular rely on the help of large corporations and consumers.