If they go under, or if rights-holders have their way with them, then we're left with a Myspace, Geocities or Vine situation where tomes of content will literally be deleted from what's left of the historical record as time goes on.
Newspapers do the kind of in depth investigation as their bread in butter that other mediums rarely if ever participate in.
They've got a lot of clout and use their platforms to direct their audiences to attack anyone that criticizes them and the locals that do things they don't like. It's surreal.
That's not the kind of journalism that's constructive or informative, but it isn't boring like reading board meeting minutes in a local news article.
Right now a lot of journalism adjacent local reporting is buzzfeed style "list" videos where my town or county is mentioned. I am not sure where that falls, because it can highlight unique things about a place, but arguably not newsworthy. I don't think the incentives will ever there to cover local news in the way you are describing. On the other hand government twitter accounts have been genuinely useful for finding local events, my local news never did that for me.
People pay little attention to local news, and even less now that they can get continuous updates of momentous events from all over the world. The local news is much more relevant, but far less entertaining.
I backup my Twitter timeline[1], Fediverse timeline and Instagram posts but I appreciate that's an infinitesimal drop in the ocean.
[1] Also a whole bunch of other stuff like "favourites on twitter/instagram/flickr/etc" get IFTTT'd to Pinboard, Day One, Dropbox, Perkeep, etc.
My wife is a historian. A nontrivial amount of her work is reading about petty business squabbles from centuries past in various letters to state actors. Those letters contain narratives, biases, goals, and even just straight up lies. And dealing with this is a basic part of being a historian.
A historian who reads a postcard from a WW1 soldier and determines that it is a transparant depiction of everyday life without further analysis is the sort of person I'd expect to never get a faculty position.
Already the old Youtube videos on places seem corrupted.
Articles sourced from Twitter threads and TikTok videos do not provide anything resembling objective reporting.
Edit: getting a lot of down votes but not a lot of discussion below. This isn't just a "whatever maaaaaan I'm not a part of this system" post. It's also not a thinly veiled attempt to push a political view. I really am talking about objectivity.
For example, even among publications that share my general bias, it is easy to identify that they are omitting information that could be relevant in the name of cohesion and persuasion.
I am not willing to ascribe a certain motive for it because there is truthfully a lot of potential motivations. But that doesn't change the fact that the bias exists, and we cannot call it objective as a result.
The problem is that the news business has largely failed, and for the few players left, objectivity is no longer the goal, whether that’s due to explicit choice to prioritize ideology over objectivity, and/or simply prioritizing survival. It’s expensive to produce good journalism.
Said another way: we can make 'logically' true statements easily, but struggle with anything physical.