In 2007, then conventional wisdom was that newspaper content, advertisers and revenue were simply going to migrate to the web. After all, newspapers sold content and they were simply going to deliver that content through a different media. That's when I wrote a post called "The Web Will Not Save You."
Since that time, I have been proven right. Web advertising comes no where near making up for lost print advertising revenue. The industry has finally admitted that the web will not save them.
Those who obsess over the fate of newspapers have something new to validate their worst fears. The Pew Research Center’s Project for Excellence in Journalism released the results today of a survey of 38 newspaper executives around the country, who were asked about the industry’s halting transition from print to digital advertising sales. The most unsettling statistic: Pew reports that, on average, for every $1 these newspapers gained in digital ad revenue, they lost $7 on the print side.
The report made the front pages of such journalism websites as Poynter.org, and will be read closely by people who toil in newsrooms and fear for their livelihoods. But it’s not likely to affect stock prices of their publicly traded employers. “I don’t know if this is a big surprise,” says veteran industry analyst John Morton. “It shouldn’t be. I’ve written a lot about the decline of newspaper advertising and what’s causing it. The 7-1 ratio sounds about right to me.”
Take a moment and read the whole thing.....