Interesting data from Pew Research's The Growing Pay Gap Between Journalism and Public Relations shows that the PR field is booming even while the total number of reporters in declining.
As the Pew chart below shows, over the 10 year period from 2004 to 2013 the number of reporters fell by 17%. Over the same time period, the number of PR professionals increased by 22%.
The industry calls PR "earned media", which the marketing firm Hubspot explains in more detail in their blog post What is Earned Media.
We expect public relations to continue to grow, but often do so under other names. Content marketing is one of these names, and expect to hear this term much more in the future.