As if the world’s newspapers needed another kick in the teeth from the Internet, along comes this week’s Newspaper Association of America’s annual conference.
In it consulting giant McKinsey & Co. "warned that newspapers could lose $4 billion of ‘highly profitable’
classified revenue by 2007 — or around 20% of newspapers’ 2004
classifieds revenue and just under 9% of the $46.6 billion in total
newspaper ad revenue last year — if trends that afflict help-wanted
classifieds spread to automotive and real-estate classifieds."
Checkout the entire article here.
The death – or at least the major overhaul – of newspapers is one of the most fascinating events of all time, and it’s happening right before our eyes. Treasure it. It’ll make a great story for the grand-kids one day.
As revenues plummet, old readers die-off, younger audiences tune into other mediums for information and journalists gravitate toward blogging to get their message to the masses, I can’t help but think newspapers brought this all on themselves.
In the face of mad money coming in during the ’90s, newspapers ignored the virtual writing on the wall and now they’re paying dearly.
I hope they enjoyed their days of monopoly and price gouging, because it’s quickly turning into their "good ol’ days."
We’re in for quite a brave new world. It’s the end of newspapers as we knew it, and I feel fine.
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