Some twenty years ago I read that there were more media studies degrees awarded every year than there were jobs in the whole of the media industry.
I doubt that, but don't doubt there are double the number of media studies graduates vs. any kinds of jobs (and a lot of the entry level jobs don't pay enough to live).
When I was in college, someone on the college newspaper staff took it upon themselves to publish a list of information that they got from the bursar/interview part of the office (the one who did outreach to employers and arranged for them to come onsite to interview). The information was simple:
*Major
*average starting salary
*percent of graduates getting a job related to their major
Once you got outside of what people would normally think of as desirable jobs (nurse, physician, lawyer, engineer, etc), the numbers were pretty bleak. There were also some really rigorous difficult majors (atmospheric sciences, etc) heavy in physics and mathematics that had high % job placement and low salary. Rough day for some people reading the newspaper that day.
One of the majors was integrative arts (whatever that is) with a dance concentration. I really have no idea how that can be a 4 year degree, but know one person who did it (she has a franchised studio of dance/exercise classes, one that doesn't require a degree. It's a very fair question to her what advantage going to college provided - she could've opened her studio 4 years earlier without debt equal to or greater than her first year's income).
Colleges are an industry - they will operate in their own interest first, even at the highest levels (post-graduate research) - whatever pays is what gets the most priority.