advertising, in terms of CPMs (“cost per mille,” the advertising cost per 1,000
views). That year, industry observers estimated a $60 average CPMs for print
newspapers, $23 for primetime network television, between $3.50 and $2.50
for generic online advertising, $0.75 for mobile display advertising, and just
$0.56 per 1,000 impressions on social networking sites (Nielsen 2019). The
industry saying that analog dollars (100 cents) turn into digital dimes (10 cents)
and mobile pennies (one cent) captures the stark differences in advertising rates
between different media. As audiences and advertisers increasingly embrace
digital media, the consequences are clear. In the United States alone, from 2008
to 2017, newspapers lost more than $20 billion in print advertising, close to half
of total industry revenues, and cut newsroom employment by 45 percent. This
decline of a net 32,000 professional journalists was far from offset by the
Social_Media_and_Democracy