Could recession spell the end for print?
By Danny Sullivan
“It is early days, but it’s already clear that 2009 will be a crucial year for news media.”
Cautionary words from the Financial Times’ chief exec, John Ridder, as Brand Republic reports today that the business newspaper giant is laying off 80 staff, while still intending to expand its online presence. Coupled with other recent news of woes at major newspapers, including the New York Times and Canada’s Globe and Mail, one wonders if the writing is finally on the wall for print-based media.
Okay, maybe it’s not that likely. Granted, there is still a significant demand from the public for a physical medium by which to consume the news, but the survival of news media depends on more than subscriptions. Advertising is the key, especially among the technology trade media, where the majority of print magazine titles are free to qualifying subscribers, but it seems that companies increasingly seem to prefer the online option when it comes to spending their advertising dollars in a downturn. Certainly, the consensus is that print advertising is set for significant decline this year.
Douglas McIntyre on 24/7 Wall Street seems to think there’s a good chance that 2009 could see the end of a host of big names, with a drop in advertising seen as the key factor. “At least a dozen major magazines had ad page decreases of more than 20 per cent last year,” he states.
Perhaps it’s too early to speak of the death of print but, without advertising to support it and little sign of when this might change, the prospect becomes more real every day.
