Newspapers - Is it a Dying Media?
A lot of my comfort items in life have disappeared or are disappearing. One of those appears to be the newspaper.
Associated Press is reporting several major newspapers are undergoing massive personnel cuts, along with the sell off of some of their prime real estate. It’s not just the major papers; when I talk to reporters who work for some of the medium sized papers in Kansas, they tell of cutbacks, merging jobs, and overall downsizing. They are also telling me fewer people under the age of 40 are reading newspapers.
This week, a half dozen newspapers announced layoffs. The parent company of the Chicago Tribune and the Los Angeles Times said they are thinking of selling the famed Chicago Tribune and Los Angeles Times buildings.
The decline of the newspaper business is far worse than financial analysts had predicted. Major papers in Detroit, Hartford, Baltimore, Boston, and Newark have all taken steps to downsize.
The problem isn’t just a matter of a lack of subscribers. Advertising revenues are declining by up to nearly 25% per year as advertisers move to other advertising mediums, such as throw-away newspapers, Auto Trader, Craigslist, and eBay.
Questions:
Will newspapers, as we know them, disappear?
Can this slide be stopped? If so, how?
Will people get their “in depth” news from television?
What medium will local retailers use to advertise?