The Future of Newspaper, Magazine Industry Grows Dim
growing number of people reading news on the Internet has caused a downward spiral in the circulation of daily newspapers and magazines, and generated concern among industry professionals anxious about how to make a profit. “The numbers reflect a continuation of a trend that began in the 1980s, as younger people turn to cable TV and the Internet to learn about current events. ‘It used to be a truism that the only thing a newspaper had to do to improve circulation is produce a better newspaper,’ says industry analyst John Morton. ‘Now, young people aren’t any more inclined to pick up a good newspaper than a bad one. That isn’t likely to change’” (USAToday).Lay-offs, buyouts and downsizing have been reported at many large papers, including the Los Angeles Times, Dallas Morning News, Time Magazine and the Boston Globe. Former U.S. Vice-President Al Gore’s independent television network, Current Media, was the most recent to report lay-offs (CNET News). However, the effects have not only been experienced through downsizing, but also in the quality of the product itself. Newspapers evidence fewer pages, less content, a higher newsstand subscription price and losses in advertising revenue. This has created challenges for the industry, and caused several newspapers to abandon print production to focus solely on their online content.
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