The prestigious Magazine Economist presents yet another negative prediction about newspapers. “Newspapers have not yet started to shut down in large numbers, but it is only a matter of time. Over the next few decades, half the rich world’s general papers may fold. Jobs are already disappearing. According to the Newspaper Association of America, the number of people employed in the industry fell by 18% between 1990 and 2004.”
Why revenue is sinking:
- Classifieds, once referred to as a “river of gold” by Rupert Murdoch are seeing their “river dry up” – according to one estimate, 25% of print classifieds will be lost to the Web over the next ten years.
- Most newspaper companies still aren’t sure how to adapt to the changing media landscape, for example, they haven’t decided whether it is better to meld print and online newsrooms into one or keep them separate.
Indian context is different, but we can’t ignore this development in the western world.
Economist article
