Changes in Journalism

Just like any other field of study journalism is constantly changing and molding to the needs of a society. What was acceptable twenty years ago is now barely scraping the top off what really matters in news reporting.
As a new member of this field I'm both scared and excited about the challenges that are before me but scared mostly. Can you blame me?
Experienced journalists are getting laid off and the competition is becoming fiercer because as journalists are expected to have the skills and the knowledge of two to three people. Journalists are now expected to be able to have multimedia capabilities. They now have to be their own photographer, videographer and web designer.
I'm unsure of what society loses through these changes. I know that it is sad to hear about institutions, historical ones at that, being lost to this changing environment. All in the name of progression. But the future of journalism is scary for a new reporter, only the strong can survive.