New Zealand's major media companies asked the Government for immediate help with cashflow to get through the coronavirus crisis today, warning that they may not survive without it. The executives acknowledged the industry was facing severe pressure before Covid-19, as social media networks hoovered up advertising revenue that once went to traditional media. Newsroom co-editor Mark Jennings said advertisers he had spoken to suggested revenue could have fallen by 80-90 per cent thanks to the social media companies. This would reset the way that media companies worked and how they derived their income. The Government has confirmed it will be rolling out a package to assist New Zealand's private media companies.

Source: Stuff April 15, 2020 04:07 UTC