Three Cures for Ailing Newspapers
PORTLAND--"I feel I'm being catapulted into another world, a world I don't really understand," Denis Finley told the Pew Research Center's Project for Excellence in Journalism. Finley, editor of the Virginian-Pilot, isn't the only newspaper executive who can't come up with a plan for the future. "Only 5 percent of [newspaper editors and publishers]," finds Pew's latest analysis of the nation's 1217 daily newspapers, "said they were very confident of their ability to predict what their newsrooms would look like five years from now."
Newspapers are in trouble. More people read them than ever, but most of them read them online, for free. Unfortunately online advertising rates are too low to make up for declining print circulation. A reader of The New York Times' print edition generates about 170 times as much revenue as someone who surfs NYTimes.com. (This is because print readers spend 47 minutes with the paper. Online browsers visit the paper's website a mere seven minutes--some of which they might not even be sitting in front of their computers.)
Newspaper executives don't know what to do. Papers are closing foreign bureaus and laying off thousands of reporters. No matter how many employees they fire, however, they can't slash or burn their way to profitability--there just isn't enough budget to cut in a future where income has dropped to 1/170th.
"Newspapers," writes San Jose State University business professor Joel West, "face two structural problems and have been unable to fix either one." One is the Web in general, which offers advertisers more, finely targeted access to readers. The other is news on the Web, which is free on sites like Google and Yahoo (which compile AP and other wire service stories), as well as the newspaper websites themselves.
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