Newspaper Industry Implodes In First Quarter 2009Jun 1st, 2009 | By James Lewin | Category: General, The New Media Update
If the first quarter of this year is any indication, 2009 may turn out to be the worst year ever for the newspaper industry.
According to figures from the Newspaper Association of America, newspaper revenues nosedived 28.3 percent in the first quarter – a $2.6 billion dollar drop from last year.
Newspaper revenues plummeted across the board:
- National ads: -25.9 percent to $1.1 billion.
- Retail ads: -23.7% to $3.3 billion.
- Help wanteds: -67.4 percent to $205.4 million.
- Real estate: -45.6 percent to $336.9 million.
- Cars: -43.4 percent to $332.8 million.
- â€œOtherâ€ classifieds: -16.5% to $587.7 million.
The newspaper industry seems to want to blame this on the recession. They want to fix the situation with tax breaks for old media.
This isn’t the recession, though. This is new media taking over. This is Craigslist eliminating the value of classified advertisements. This is people trusting the Internet at double the rate that people trust the New York Times.
It’s going to get ugly for the newspaper before it gets better. And then….it’s not going to get much better.
I’m going to miss the morning paper, but not businesses that ignore the future.
Do you think there’s any hope left for the newspaper industry? Leave a comment with your thoughts!