Social media has swallowed the news – threatening the funding of public-interest reporting and ushering in an era when everyone has their own facts. But the consequences go far beyond journalism ...“A distinguished Oxford contemporary claims Cameron once took part in an outrageous initiation ceremony at a Piers Gaveston event, involving a dead pig,” the paper reported. Piers Gaveston is the name of a riotous Oxford university dining society; the authors of the story claimed their source was an MP, who said he had seen photographic evidence: “His extraordinary suggestion is that the future PM inserted a private part of his anatomy into the animal.” Within minutes, #Piggate and #Hameron were trending on Twitter, and even senior politicians joined the fun: Nicola Sturgeon said the allegations had “entertained the whole country”... Then, after a full day of online merriment, something shocking happened. Isabel Oakeshott, the Daily Mail journalist who had co-written the biography with Lord Ashcroft, a billionaire businessman, went on TV and admitted that she did not know whether her huge, scandalous scoop was even true. Oakeshott went even further to absolve herself of any journalistic responsibility: “It’s up to other people to decide whether they give it any credibility or not,” How did we end up here? And how do we fix it? For 500 years after Gutenberg, the dominant form of information was the printed page: knowledge was primarily delivered in a fixed format, one that encouraged readers to believe in stable and settled truths. Now, we are caught in a series of confusing battles between opposing forces: between truth and falsehood, fact and rumour, kindness and cruelty; between the few and the many, the connected and the alienated; between the open platform of the web as its architects envisioned it and the gated enclosures of Facebook and other social networks; between an informed public and a misguided mob. In the digital age, it is easier than ever to publish false information, which is quickly shared and taken to be true – as we often see in emergency situations, when news is breaking in real time. ...“Social media hasn’t just swallowed journalism, it has swallowed everything. It has swallowed political campaigns, banking systems, personal histories, the leisure industry, retail, even government and security.” The impact on journalism of the crisis in the business model is that, in chasing down cheap clicks at the expense of accuracy and veracity, news organisations undermine the very reason they exist: to find things out and tell readers the truth – to report, report, report. Above all, the challenge for journalism today is not simply technological innovation or the creation of new business models. It is to establish what role journalistic organisations still play in a public discourse that has become impossibly fragmented and radically destabilised.