There are some great stats about just how much the number of professional journalists has shrunk in the social media era.
Here's a thread from January this year, where a journalism professor lays bare the facts about the decline of his domain: https://twitter.com/jeremylittau/status/1088503510184927233?...
If my memory serves me right, that thread was on the HN front page at the time. Essentially the expense of quality journalism was seen as frivolous in the 80's, got nixed, and by the mid-90's newspapers relied on their established captive audience to churn out reliable profits with little appetite for innovation. Who was going to compete with them, anyway?
Internet changed the landscape, and social media has been instrumental in hammering nails in the coffin. But the decline of journalism and destruction of quality newsrooms has been going on since before there was public internet.
In this context I think it should be termed "now that there are no classified ads."