Fondo Raises $7M to Fill Accounting Gap for Startups Amidst Entrepreneurship Boom
Fondo, a bookkeeping platform, secures funding to address the growing need for accounting services among startups, as entrepreneurship rises in the US.
Jordan Vega
The way we consume media has drastically changed over the past decade, with big platforms like Facebook, Google Search, and TikTok dominating the distribution of information to the public. However, this shift has come at a significant cost to journalism, with publishers ceding control over distribution to these platforms and struggling to survive financially.
Media scholar Marshall McLuhan's famous phrase "the medium is the message" has never been more relevant, as the platforms' algorithmic recommendation systems prioritize quantity over quality, favoring influencers and aggregators over original journalism. This has created a news ecosystem where the value created by original journalism is maximized for an algorithmic audience that often doesn't know or care about the source of the information.
Media critic and union president Matt Pearce recently wrote a thought-provoking blog post, "Lessons on media policy at the slaughter-bench of history," which highlights the rotten state of America's information economy. Pearce argues that the digital infrastructure that stands between quality journalism and the public is fundamentally flawed, and that this has devastating consequences for the survival of journalism.
In a recent episode of the Decoder podcast, Pearce discussed the evolution of journalism in the digital age and the importance of building a direct audience and exercising control over distribution. He emphasized the need for mechanisms to fund independent journalism, ensuring that news outlets can continue to inform the public and survive financially.
The implications of this trend are far-reaching, with the very survival of journalism hanging in the balance. If left unchecked, the dominance of big platforms could lead to a homogenization of news, with original content creators struggling to make ends meet. It's essential that policymakers, industry leaders, and consumers take action to support independent journalism and promote a healthier media ecosystem.
As the media landscape continues to evolve, it's crucial that we prioritize quality over quantity and recognize the value of original journalism. By doing so, we can ensure that the public has access to accurate, reliable information and that journalism can continue to thrive in the digital age.
Fondo, a bookkeeping platform, secures funding to address the growing need for accounting services among startups, as entrepreneurship rises in the US.
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