The role of the press release is to memorialize a moment in time - whether it's a funding announcement, new partnership or product launch - and make sure the basic facts are being shared and a business' momentum is being captured.
They're from a different era, but people still do it because it's institutional and there are people within companies who feel like, if it's important, it needs to go out in a press release, and sometimes it's very hard to motivate those internal clients to do something else.
There are also financial disclosure laws which require many public companies to issue press releases. Though, there's a recognition with people who know how communications works that press releases do not make news stories.
Press releases and newswire services often perpetuate the fallacy that volume equals depth. Releases can actually show up in overall impression metrics.
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