NYT's revenue fell 20 percent last month
The abysmal leftist newspaper continues its deserved downward spiral (Hat tip: Hot Air):
Ad revenue at the publisher’s New York Times Media Group, which includes the Times newspaper, fell 21.2 percent from a year earlier because of a drop in real estate and jobs classified advertising…I wonder just how soon a bailout will come for this terrible newspaper? Meanwhile, the New Yorker says regarding declines in print media:
The Times is considering selling some of its properties, but has not yet said which ones.
Internet ad revenue, long a source of hope among newspaper publishers battered by falling print ad sales and circulation, dropped 4 percent in the news media group. That reflects a decline in online jobs and real estate ads.
The peculiar fact about the current crisis is that even as big papers have become less profitable they’ve arguably become more popular. The blogosphere, much of which piggybacks on traditional journalism’s content, has magnified the reach of newspapers, and although papers now face far more scrutiny, this is a kind of backhanded compliment to their continued relevance. Usually, when an industry runs into the kind of trouble that Levitt was talking about, it’s because people are abandoning its products. But people don’t use the Times less than they did a decade ago. They use it more. The difference is that today they don’t have to pay for it. The real problem for newspapers, in other words, isn’t the Internet; it’s us. We want access to everything, we want it now, and we want it for free. That’s a consumer’s dream, but eventually it’s going to collide with reality: if newspapers’ profits vanish, so will their product.But how do they know they'll even get any donations? What can be done is for newspapers to become freebies.
Does that mean newspapers are doomed? Not necessarily. There are many possible futures one can imagine for them, from becoming foundation-run nonprofits to relying on reader donations to that old standby the deep-pocketed patron.
Labels: communications
