FINANCIAL TIMES: ….In recent weeks, LinkedIn, the networking website, and the Council of Economic Advisers have reported that the press is “America’s fastest-shrinking industry”, measured by jobs lost; the Newspaper Association of America has shown that advertising sales have halved since 2005 and are now at 1984’s level; and the Pew Research Center has found that for every digital ad dollar they earned, they lost $7 in print ads.
As media from television to billboards bounce back from the recession, newsprint is being left behind. Zenith Optimedia this week predicted that internet advertising would pass newspaper advertising next year around the world – but in the US, where internet penetration is high and newspaper audiences are shrinking, digital will overtake newspapers’ and magazines’ combined ad sales this year, eMarketer estimates.
“There’s no doubt we’re going out of business now,” one unnamed executive told Pew’s Project for Excellence in Journalism, which predicted a future of shrinking newsrooms, print deliveries only a few days of the week and more papers closing altogether. A USC Annenberg School study reached the stark conclusion that most printed US dailies would be gone in five years… (more)
EDITOR: We hope this will not be the case, especially here in Lancaster.
