Tesla and Space X CEO Elon Musk criticised “holier than thou” and “hypocritical” media companies in a series of tweets last night. He claimed the media had lost the public’s trust and proposed a website, which he plans to call Pravda, to enable readers and viewers to rank the press according to commitment to truth and credibility.

While 85 percent plus of Musk’s Twitter followers supported his idea of a credibility ranking system for news, reporters challenged his accusations, and he was compared to President Donald Trump for his vocal disdain for the press.

Newspaper reporters are earning big money as TV pundits and speakers. “Lucrative gig” and “newspaper journalist” tend not […]

Following on yesterday’s analysis of paywall economics for digital news media, Bloomberg Digital has become the latest news site to switch to a metered paywall system.

Here’s the letter from Editor-in-Chief John Micklethwait. At $35-$40 a month it’s priced to compete with the FT and the Wall St Journal. The Economist is in its sights too: The upper range subscription includes weekly delivery of Bloomberg Businessweek, the loss-making and (to our minds) underrated print edition.

Around this time last year an Australian real estate millionaire advised young people that they might one day be able to afford mortgages if they were able to forego regular avocado toast, which he priced at AUS$22 a pop. It was an unrealistic comparison, and quickly ridiculed. Most millennials won’t be able to enjoy home ownership in the same way their parents generation did.

But it looks like other perks of previous decades are under threat too, and it may be worth using everyday millennial essentials as a cost comparison. For example: A free press.

Newspapers are under threat. Subscriptions and sales – which made up a bit of newspaper revenue – have fallen through the floor in most cases. Advertising sales – which made the bulk of revenues – have gone digital, and not to digital editions, as we hoped, but to Google and Facebook, who aren’t likely to threaten their valuations by sharing some of the loot to prop up newspapers.

If we don’t find a way to make a generation that has never paid for news to start supporting newspapers, some and maybe most will go out of business.

The millennial toast comparison is as mouldy as day-old avocado but consider others. A latté in Starbucks can cost £3. In hipper artisanal coffee shops you could be looking at £4 or more for a flat white. We’re not going to sneer at a generation with different ideas about where they spend their hard-earned disposable income, especially when they’re deprived of stuff older generations took for granted.

It’s up to them if they feel they get more value from a £4 coffee than they would from a newspaper subscription. But it’s the news industry’s fault that it hasn’t been able to persuade young people that their product might be a better investment than their local coffee shop.