Journalist Eric Alterman speaks of the Internet’s rise, and how it’s made newspapers seem “slow and unresponsive.” Plus, the dawn of websites like Craigslist is killing print classified advertising.
The outcome, according to media entrepreneur Alan Mutter, is that independent, publicly traded American newspapers have lost 42 per cent of their market value in the past three years alone.
“Until recently, newspapers were accustomed to operating as high-margin monopolies,” wrote Alterman. “To own the dominant, or only, newspaper in a mid-sized American city was, for many decades, a kind of license to print money.”
Meanwhile, eMarketer reported more than $8.6 billion was spent on search engine advertising in 2007, an amount that could reach $16.6 billion in 2011.
It gives the impression it’s just a matter of a few years before newspapers become obsolete.