Interesting video from Yahoo.
More bad news for newspapers this week: The New York Times Co reported disappointing second-quarter earnings on Wednesday, sending the stock tumbling 82% to roughly half its price from a year ago. That's just the start:
- Overall newspaper circulation is down.
- Thousands of journalists have lost their jobs.
- Newspaper control of local online ads is down nearly 9% from 2006.
Is there a way for the industry to save itself? Only "by beginning an aggressive transition to the Web," says Dan Colarusso, managing editor of Portfolio.com and former city editor for The New York Post.
My own view is that it is all about content. Many newspapers are beginning the transition but in many cases, this move is too slow and too un-aggressive. The desire to preserve existing print revenues seems to be holding the complete transition back. Long term, that strategy will not work.
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