Comments on the newspaper industry by Lauren Rich Fine
From comments made by media analyst Lauren Rich Fine at the Akron Roundtable.
(source: Daily Clips)
U.S. newspapers will make less money than in the past, but they'll remain viable if they can adapt to the changing needs of advertisers and readers.
The Internet, which has been on the scene for about 12 years, has dramatically increased competition for all ad dollars and readers or viewers, Fine said.
``It's directly competitive with every single medium out there,'' she said.
Newspapers are losing their most profitable accounts -- classified advertisers -- to the Internet.
And even when newspapers sell classified ads on their Web sites, they get about 30 cents for every $1 they got for print classified ads, Fine said.
Newspapers are not picking up new readers. Traditionally, people subscribed when they took out their first mortgage, Fine said.
People younger than 30 are turning to the Internet and electronic media, she said.
Newspaper readership has skewed even more toward older and more affluent people, and ``it doesn't look like it's ever going younger again,'' she said.
As a result, Fine said, she predicts the industry's profitability will shrink from last year's average of 21.5 percent to about 16 percent in 2011.
Newspapers ``still make a ton of money,'' she said, but they clearly are not generating enough profits to grow.
Layoffs and downsizing are not the answer, she said. ``You cannot cost-cut your way to profitability in this business,'' Fine said.
Local content and the ability to deliver professionally edited stories will keep newspapers alive.
``You don't have to be everything to everyone,'' she said. Papers the size of the Beacon Journal need to rethink their mission and may have to forgo some national and international news, she said.
The Beacon Journal has shifted its focus to local news, she said. ``My sense is that
(source: Daily Clips)
U.S. newspapers will make less money than in the past, but they'll remain viable if they can adapt to the changing needs of advertisers and readers.
The Internet, which has been on the scene for about 12 years, has dramatically increased competition for all ad dollars and readers or viewers, Fine said.
``It's directly competitive with every single medium out there,'' she said.
Newspapers are losing their most profitable accounts -- classified advertisers -- to the Internet.
And even when newspapers sell classified ads on their Web sites, they get about 30 cents for every $1 they got for print classified ads, Fine said.
Newspapers are not picking up new readers. Traditionally, people subscribed when they took out their first mortgage, Fine said.
People younger than 30 are turning to the Internet and electronic media, she said.
Newspaper readership has skewed even more toward older and more affluent people, and ``it doesn't look like it's ever going younger again,'' she said.
As a result, Fine said, she predicts the industry's profitability will shrink from last year's average of 21.5 percent to about 16 percent in 2011.
Newspapers ``still make a ton of money,'' she said, but they clearly are not generating enough profits to grow.
Layoffs and downsizing are not the answer, she said. ``You cannot cost-cut your way to profitability in this business,'' Fine said.
Local content and the ability to deliver professionally edited stories will keep newspapers alive.
``You don't have to be everything to everyone,'' she said. Papers the size of the Beacon Journal need to rethink their mission and may have to forgo some national and international news, she said.
The Beacon Journal has shifted its focus to local news, she said. ``My sense is that
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