The newspaper industry is experiencing a soaring decline in revenue and newsprint prices and an increasing number of newspapers are closing down and filing for bankruptcy.
Traditional media under threat
The main argument for this is said to be the technological change, an increase in social networking resulting in free and easy access to information and news through search engines such as Google and Information servers such as Wikipedia. Power is shifting from the large media corporations to the individual journalist through blogging email and social media, which is allowing less restricted content more points of view with instant publicised feedback.
Google and its free access to media and information
The strange thing about the situation is that the want the news has never been so sought after, and though profits are dropping popularity of content is extremely high. Newspapers have started to turn to the web as a way to stay relevant, offering digital content through websites and downloadable issues on tablet devices at a cost for subscription, some moving completely to digital others a combination of both digital and print. Profit margins through this method are only a fraction of those from printed publications from one-tenth to one-twentieth, and online advertising profits are minimal.
NYT have now made all content free to access relying on their name and advertising
The iPad is changing the way we access media, and a positive opportunity for publications to move to digital
Its evident that the digital revolution is having a devastating effect on printed media, though it’s the business structures of these businesses that have been their downfall, a total re-think of their services has to be considered. Experts are advising not to fight but to accept change, and rely on business branding and content value to see them through.