The Scoop on PromotionsProject Support Team Blog

January 15th, 2009

Why New Media Is Killing the Newspaper Business

When was the last time you read a printed newspaper?  If today, you are in the minority.  In fact, newspaper readership is dropping faster than a lead balloon.  Gordon Crovitz, Former Publisher of The Wall Street Journal, said during a May 2008 Media conference, “readership is currently linked to age”.  In other words, 70% of 80 year olds, 50% of 50 year olds, 25% of 25 year olds read a paper daily.  The most staggering part of that equation is the younger you are, the less likely you are reading papers – not a good sign for the publishers.  In fact, the Washington Post recently reported its first loss in 37 years.

Technology is believed to be the major cause for the newspaper business woes.  Who wants to read about news that happened yesterday today?  We live in an immediate “want it now” culture.  If you love news, simply log on and subscribe to news feeds.  This does not mean newspapers can’t make  money online.  In fact, they could be huge sources of revenue if subscription based.  Need an old copy of a paper, become a subscriber and search the files. Think of the savings:  no more paper, no more truck delivery, no more lot’s of things.  Need to post a story quickly?  Have field reporters instantly write it, upload images and video all from their mobile phones.

Now more than ever, package good companies, service companies and even sellers of news must embrace, rather than fear the new media formats to deliver content, sales and  promotions.