Will Newspapers Follow the Record Industry?

October 24, 2008

If you have a look at the last figures and developments in the newspaper market… well… this suggests that it will…
The New York Times just published their 3rd quarterly report:
Net income down, advertising declined 16% in the quarter, print advertising felt 18.3% in the quarter with classified advertising down 28%… online advertising was up 10.2%, but that was by far not enough to offset the decline in print. (Via Wall Street Journal).

The New York Times is one of the most innovative newspapers out there, when it comes to digital concerns, but even they were obviously not prepared for what is happening here. Of course the industry has still a few years to go… at least 5 years as PWC analyst Marcel Fenez said at the WAN conference in Amsterdam … but most of the industry is still “stuck” with the hope that people “will love paper” for the rest of their lives…
The industry must react now.
Gerd Leonhard has a great post on this! I don`t agree on every suggestion he makes, but I think the industry should try to think as “radical” as he does.

Update:
Another recommended post by Jack Myer:
Quote: “If newspapers had focused on their business as “news” rather than “papers,” they would most likely have invested heavily in digital ventures beginning in the mid-1990s, and established themselves as the
primary source for locally relevant content. But they didn’t and now, for the most part, they are just one of many competitors with little unique differentiation and a weak business model.”

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