According to a piece in the New York Times, yes.

Last month, the powerhouse French photo agency Gamma went bankrupt, broadcasting the difficulties facing organizations built around visual coverage of the news of the day.

Gamma, which was founded in 1966, is being re-organized to focus on photography for magazines and newsmagazines. What? That market’s drying up, too. What it means for editorial news photographers is that it’s even harder to make a living wage doing a difficult, albeit extremely satisfying, job. What it means for the rest of us is that we get to see less and less of the hard-hitting, professional, gutsy photojournalism Gamma provided.

Instead, we’ll see a lot more entertainment ‘news’. Oh…and when we do see news photos, they’re more likely to be shot by a dude with an iPhone.