You’ve probably already seen the data released by the Newspaper Association of America which shows that total print advertising in the US declined 9.4% to $42 Billion, the largest decline since records began in 1950.
Total advertising revenue in 2007, which includes online revenue, decreased 7.9% to $45.3 billion.
Not stellar results, but not the end of the world either. I believe we’re seeing a re-balancing of media consumption and the dollars are following the audience. The challenge for the publishers is to compete in the new areas where it makes sense.
One thing you can be sure of is that there’s a lot more changes to come but don’t sign the death warrant for traditional media just yet. Newprint will be with us after I’ve shuttled off this mortal coil…
Frank Shaw concurs and has an interesting quote from Chris Anderson:
The truth is that the newspaper business is still a huge industry and will be around in one form or another for the rest of my life. That is not to dismiss the declines, but only to note that there’s still a lot of money there and what is required is strategic change, not giving up the ghost.
Anderson’s post is worth reading for some balance.