South Korea’s news industry is grappling with plummeting public trust. (Image courtesy of Kobiz Media)
SEOUL, Jun. 18 (Korea Bizwire) – South Korea’s embattled news industry, battered by economic headwinds and seismic shifts in digital consumption habits, is also grappling with plummeting public trust that ranks among the lowest levels globally, according to a major report.
The 2024 Digital News Report from the Reuters Institute found just 31% of South Korean adults surveyed said they “almost always” trusted “almost all news” — placing the country 38th out of 47 nations and territories studied. It gave South Korea the least public confidence in news across the Asia-Pacific region, though the figure showed modest improvements from 2023 and 2016.
The phenomenon reflects deepening public apathy toward news consumption that is exacerbating financial strains on South Korean media companies, the report stated. It highlighted dwindling news engagement across television, print, online portals and social media, especially among those aged 20 to 40.
While competitive public and private broadcasters vie for viewers, the newspaper industry is struggling to adapt to digital disruption. Powerful Korean web portals like Naver and Daum now dominate online distribution.
Economic malaise has compounded these pressures. Major advertisers slashed spending over 30% in 2023, forcing many outlets to post operating losses. Even profitable companies saw earnings plunge versus 2022. Some broadcasters like public KBS and private JTBC have cut staff and production budgets.
The explosive growth of video streaming is reducing attention for news shows. Print newspapers have foundered developing viable digital revenue models beyond advertising. Some are cutting costs while expanding low-cost classified ads, as news startups starve amid a venture capital drought.
Facing such turbulence, South Korean media companies are turning to artificial intelligence to boost efficiency and tailor content. Leading dailies like Chosun Ilbo and Dong-a Ilbo have deployed AI writing assistants and chatbots.
But outlets are also fighting to protect copyrights and secure compensation after tech giants trained AI language models on publishers’ content. Industry groups aim to establish guidelines through a News Copyright Forum.
In addition, media excesses surrounding a famous actor’s suicide following a drug probe last December highlighted deepening credibility deficits. Over 2,000 artists condemned outlets for unrestrained publishing of unverified private details and allegations — putting public entertainment over ethical journalism standards.
The proliferation of online misinformation and rampant spread of celebrity rumors via social video platforms like YouTube have compounded eroding trust. As South Korea’s media companies seek to stabilize their finances and revamp for the digital age, resuscitating credibility with a disillusioned public looms as an equally daunting challenge.
M. H. Lee (mhlee@koreabizwire.com)
