Monday, December 1, 2008

Economy adds to newspaper woes

Posted by Craig Kanalley on 12/01/2008
New statistics released today revealed more bad news for newspapers.

Newspapers lost nearly $2 billion in the third quarter, a record 18.1 percent decline from the second, according to Advertising Age, citing a study by the Newspaper Association of America.

Even worse - online ad revenue for newspapers declined for the second straight quarter. It went down 3 percent in the fall quarter after a decline of 2.4 percent in the quarter before.

The Advertising Age predicts more trouble to come: "This fall's financial collapse affected only some part of the latest results. However, the rest of the year is likely to look even worse."

Not the type of report the newspaper industry needed to hear on the day the U.S. economy was officially declared in a recession.

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