Get ready to hear this election will good for newspapers.
Here is why it won’t be.
100 newspapers have disappeared since 2004. Get ready to start hearing how this election will be good for newspapers.
Now, I two years ago I didn’t actually say “News Is Dead.” But ‘misquoted me’ may have been more correct than the real me was at the time. In 2013 and 2014 I was quoted pretty publicly that I felt that traditional editorial and entertainment media were simply not going to transition their existing model to digital revenues and something much more serious was needed. Like many, I was critical that sponsored content had been something developed by the publisher’s sales department and then was published to mimic editorial content. This was by placid agreement by sales & editorial which have decades of avoiding each other in the company lunch room. So what is the update?
Newspapers are designed to be ‘inefficient’ producers of content. By that I mean they produce some of the costliest original content possible. Produced in medium-to-short-form but with a lots of research, interviews and fact checking, the news business has always depended on subscriptions plus healthy advertising rates to survive.
Election cycles have historically been fantastic for local media. Newspapers will see a blip in an otherwise downward collection of trends. This will lead the PR folks in the print news industry to try to use it to argue that the long term trends are actually neither. Unfortunately for them it isn’t true. Digital is taking a larger portion of a rapidly shrinking pie. The Pew Research Center’s annual report tells the tale. In 2015 their circulation fell by the greatest amount so far this decade. Advertising revenue dropped even faster than overall circulation diving 8% last year.
Young people are ignoring newspapers in droves but the bleeding is occurring much faster than aging. The Pew Research report says that only half of the elderly read papers now. We are probably past the point of no return. Let’s hope the news industry can pivot better before misquoted me turns out to be right.