El Podcast

Why Americans Don’t Trust the Media Anymore (And It’s Worse Than You Think) - E196

Episode Summary

Drew Holden, media critic, breaks down the collapse of trust in media, arguing that modern journalism is driven more by clicks, incentives, and audience capture than truth. He explains how the internet and politics reshaped the news—and what comes next.

Episode Notes

A wide-ranging conversation on the collapse of trust in legacy media, the economics driving bias and clickbait, and whether journalism can survive the internet and AI era with Drew Holden. 

👤 Guest Bio

Drew Holden is the managing editor of Commonplace and author of the Holden Court Substack. He is a journalist and media critic whose work focuses on media bias, institutional trust, and the changing economics of journalism.

🧠 Topics Discussed

• Collapse of trust in media (historical vs today)
• Rise of clickbait and incentive-driven journalism
• Impact of the internet and social media on news
• Ad revenue → subscription model shift
• Role of Google in disrupting media economics
• The “Trump bump” and media profitability
• Fact-checking, bias, and “experts say” journalism
• Feminization and credentialization of journalism
• Loss of gatekeeping / Overton Window shift
• Decline of local journalism
• Late-night TV vs podcast model (e.g., Joe Rogan)
• AI’s future role in journalism
• Viability of independent media (Substack, creators)

🔑 Main Points

1. Trust in media has collapsed

• Only 28% of Americans trust media today vs ~70% in the 1970s
• Causes: bias, sensationalism, and fractured media landscape

2. Incentives shifted from truth → clicks

• Digital ad model rewards engagement, not accuracy
• Journalists now think: “How do I market this?” vs “Is this true?”

3. Internet broke the business model

• 2012: Google ad revenue > all U.S. newspapers combined
• 2014: subscriptions surpassed ads—not from growth, but collapse of ad revenue

4. Media became audience-captured

• Outlets increasingly reflect their readers’ political views
• Example: “It’s not that outlets are biased—it’s that their audience is”

5. Trump both exposed and fueled media problems

• Revealed bias and hypocrisy
• Simultaneously became media’s biggest revenue driver

6. Journalism became more elite and less grounded

• Shift from “shoe-leather reporters” → highly educated, homogeneous class
• Leads to blind spots and disconnect from average Americans

7. Social media destroyed gatekeeping

• People can now verify claims themselves
• Legacy media no longer controls the narrative

8. Media is collapsing economically

• Overproduced, expensive, and losing money (e.g., late-night TV)
• Competing with lean creators and podcasts

9. AI may worsen trust, not improve it

• People trust identifiable humans more than “black box” systems
• Likely use: support tools, not full replacement

10. Future = fragmentation + rebuilding

• Legacy media may shrink or fail
• Smaller, trusted outlets and individuals will replace them

💬 Top 3 Quotes

1. “The goal is no longer to produce truth—it’s to produce something people will click on.”
2. “Trump was the best meal ticket the media has ever had.”
3. “Don’t believe your lying eyes—that’s what modern media often tells people.”

📊 Miscellaneous / Interesting Points

• Newspaper ad revenue dropped ~50% from 2008–2013
• Local advertisers (old model) created higher trust ecosystems
• “Yellow journalism” existed before—history is repeating
• Late-night shows lose millions while small podcasts thrive
• Substack seen as a potential “new journalism layer”
• Only ~17% of Americans pay for news subscriptions (mentioned in discussion)
• Media increasingly functions as entertainment (infotainment) rather than reporting
• Future journalists may bypass universities entirely