Future of newspapersWord格式.docx
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Future of newspapersWord格式.docx
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Thedebatehasbecomemoreurgentlately,asadeepeningrecessionhascutprofits,[3]andasonce-explosivegrowthinnewspaperwebrevenueshasleveledoff,forestallingwhattheindustryhopedwouldbecomeanimportantsourceofrevenue.[4]Oneissueiswhetherthenewspaperindustryisbeinghitbyacyclicaltrough,orwhethernewtechnologyhasrenderednewspapersobsoleteintheirtraditionalformat.Tosurvive,newspapersareconsideringcombiningandotheroptions,[5]althoughtheoutcomeofsuchpartnershipshasbeencriticised.
Recenteventsinthenewspapermarket
IntheUnitedStates
Sincethebeginningof2009,theUnitedStateshasseenanumberofmajormetropolitandailiesshutteredordrasticallyprunedafternobuyersemerged,includingTheRockyMountainNews,closedinFebruary,andTheSeattlePost-Intelligencer,reducedtoabare-bonesinternetoperation.[7]TheSanFranciscoChroniclenarrowlyavertedclosurewhenemployeesmadesteepconcessions.[8]InDetroit,bothnewspapers,TheDetroitFreePressandTheDetroitNews,slashedhomedeliverytothreedaysaweek,whileproddingreaderstovisitthenewspapers'
internetsitesonotherdays.[9]InTucson,Arizona,thestate'
soldestnewspaper,theTucsonCitizen,saiditwouldceasepublishingonMarch21,2009,whenparentGannettCompanyfailedtofindabuyer.[10]
Anumberofotherlarge,financiallytroublednewspapersareseekingbuyers.[11]OneofthefewlargedailiesfindingabuyerisTheSanDiegoUnion-Tribune,whichagreedtobesoldtoaprivateequityfirmforwhatTheWallStreetJournalcalled"
arock-bottomprice"
oflessthan$50million–essentiallyarealestatepurchase.[12](Thenewspaperwasestimatedtohavebeenworthroughly$1billionasrecentlyas2004.)[13]TheSunTimesMediaGroup,publisheroftheeponymousbankruptnewspaper,fieldedameager$5millioncashbid,plusassumptionofdebt,forassetslastclaimedworth$310million.
LargenewspaperchainsfilingbankruptcysinceDecember2008includetheTribuneCompany,theJournalRegisterCompany,theMinneapolisStarTribune,PhiladelphiaNewspapersLLC,Sun-TimesMediaGroupandFreedomCommunications.[14]
Somenewspaperchainsthathavepurchasedotherpapershaveseenstockvaluesplummet.[15]TheMcClatchyCompany,thenation'
sthird–largestnewspapercompany,wastheonlybidderontheKnight-Ridderchainofnewspapersin2005.Sinceits$6.5billionKnight-Ridderpurchase,McClatchy'
sstockhaslostmorethan98%ofitsvalue.[16]McClatchysubsequentlyannouncedlargelayoffsandexecutivepaycuts,asitssharesfellintopennystockterritory.[17](AlthoughMcClatchyfaceddelistingfromtheNewYorkStockExchangeforhavingasharepricebelow$1,inSeptember2009,itwasabletoovercomethisthreat.[18]Othershavenotbeensolucky.In2008and2009,threeotherU.S.newspaperchainshaveseentheirsharesdelistedbytheNYSE.[19])
Othernewspapercompanyvaluationshavebeensimilarlypunished:
thestocksofGannettCompany,LeeEnterprisesandMediaGeneraltradedatlessthantwodollarspersharebyMarch2009,withTheWashingtonPostCompany'
sstockfaringbetterthanmost,thankstodiversificationintoeducationaltrainingprograms–andawayfrompublishing.[20]Similarly,UK-basedPearsonPLC,ownerofTheFinancialTimes,increasedearningsin2008despiteadropinnewspaperprofits,thankstodiversificationawayfrompublishing.[21]
TheNewYorkTimesCompany,hard-pressedforcashasitssharesslidbelowfivedollarspershare,suspendeditsdividend,soldandleasedbackpartofitsheadquarters,andsoldpreferredsharestoMexicanbusinessmanCarlosSliminreturnforacashinfusion.ButthecreditratingagenciesstillcuttheratingonTimesCompany'
sdebttojunkstatus,andthecashcrunchatTheTimespromptedittothreatentoshutteritsBostonGlobeunlessworkersmadedeepconcessions.[22]EvenNewsCorp.,thediversifiedmediaholdingcompanyoverseenbyRupertMurdoch,washit,forcedtowritedownmuchofthevalueofnewspaperpublisherDowJones&
Co.thatitpurchasedfor$5billionin2007.[23][24]ApparentlyshelvedareplansannouncedbyMurdochatthetimeoftheacquisitiontoexpandTheWallStreetJournal'
snewsroom.
ThedeteriorationintheUnitedStatesnewspapermarketledonesenatortointroduceabillinMarch2009allowingnewspapercompaniestorestructureasnon-profitcorporationswithanarrayoftaxbreaks.[25]TheNewspaperRevitalizationActwouldallownewspaperstooperateasnonprofitssimilartopublicbroadcastingcompanies,barringthemfrommakingpoliticalendorsements.[26][27]
IntheUnitedKingdom
IntheUnitedKingdom,newspaperpublishershavebeensimilarlyhit.Inlate2008TheIndependentannouncedjobcuts.InJanuarythechainAssociatedNewspaperssoldacontrollingstakeintheLondonEveningStandardasitannounceda24%declinein2008adrevenues.InMarch2009parentcompanyDailyMailandGeneralTrustsaidjobcutswouldbedeeperthanexpected,spanningitsnewspapers,whichincludetheLeicesterMercury,theBristolEveningPostandtheDerbyTelegraph.[28]Oneindustryreportpredictsthat1in10UKprintpublicationswillcutitsfrequencyofpublicationinhalf,goonlineonlyorshutin2009.[29]
[edit]
Thenewspapermarketinhistory
Thenewspaperindustryhasalwaysbeencyclical,andtheindustryhasweatheredprevioustroughs.Butwhiletelevision'
sarrivalinthe1950spresagedthedeclineofnewspapers'
importanceasmostpeople'
ssourceofdailynews,theexplosionoftheinternetinthe1990sandthefirstdecadeofthe21stcenturyincreasedthepanoplyofmediachoicesavailabletotheaveragereaderwhilefurthercuttingintonewspapers'
hegemonyasthesourceofnews.
NewsroomofTheNewYorkTimes,1942
BothtelevisionandtheInternetbringnewstotheconsumerfasterandinamorevisualstylethannewspapers,whichareconstrainedbytheirphysicalformandtheneedtobephysicallymanufacturedanddistributed.Thecompetingmediumsalsoofferadvertiserstheopportunitytousemovingimagesandsound.Andtheinternet'
ssearchfunctionallowsadvertiserstotailortheirpitchtoreaderswhohaverevealedwhatinformationthey'
reseeking–anenormousadvantage.[30]
TheInternethasalsogoneastepfurtherthantelevisioninerodingtheadvertisingincomeofnewspapers,as–unlikebroadcastmedia–itprovesaconvenientvehicleforclassifiedadvertising,particularlyincategoriessuchasjobs,vehicles,andrealestate.FreeserviceslikeCraigslisthavedecimatedtheclassifiedadvertisingdepartmentsofmanynewspapers,someofwhichdependedonclassifiedsfor70%oftheiradrevenue.[31]Atthesametime,newspapershavebeenpinchedbyconsolidationoflargedepartmentstores,whichonceaccountedforsubstantialadvertisingsums.
PressbaronRupertMurdochoncedescribedtheprofitsflowingfromhisstableofnewspapersas"
riversofgold."
But,saidMurdochseveralyearslater,"
sometimesriversdryup."
[32]"
Simplyput,"
wroteBuffaloNewsownerWarrenBuffett,"
ifcableandsatellitebroadcasting,aswellastheinternet,hadcomealongfirst,newspapersasweknowthemprobablywouldneverhaveexisted."
[33]
Astheirrevenueshavebeensqueezed,newspapershavealsobeenincreasinglyassailedbyothermediatakingawaynotonlytheirreaders,buttheirprincipalsourcesofprofit.Manyofthese'
newmedia'
arenotsaddledwithexpensiveunioncontracts,printingpresses,deliveryfleetsandoverheadbuiltoverdecades.Manyofthesecompetitorsaresimply'
aggregators'
ofnews,oftenderivedfromprintsources,butwithoutprintmedia'
scapital-intensiveoverhead.[34]Someestimatesputthepercentageofonlinenewsderivedfromnewspapersat80%.[35]
"
Newspapersaredoingthereportinginthiscountry,"
observedJohnS.Carroll,editorofTheLosAngelesTimesforfiveyears."
GoogleandYahooaren'
tthosepeopleputtingreportersonthestreetinanynumber.Blogscannotaffordit."
[36](EditorCarrollresignedfromTheTimesin2005inthefaceofparentTribuneCompany'
sdemandsthatheslashnewsroomstaff.[37])
Manynewspapersalsosufferfromthebroadtrendtoward“fragmentation”ofallmedia–inwhichsmallnumbersoflargemediaoutletsattemptingtoservesubstantialportionsofthepopulationarereplacedbyanabundanceofsmallerandmorespecializedorganizations,oftenaimingonlytoservespecificinterestgroups.So-callednarrowcastinghassplinteredaudiencesintosmallerandsmallerslivers.Butnewspapershavenotbeenaloneinthis:
theriseofcabletelevisionandsatellitetelevisionattheexpenseofnetworktelevisionincountriessuchastheUnitedStatesandUnitedKingdomisanotherexampleofthisfragmentation.
Technologicalchangecomestonewspapers
Theincreasinguseoftheinternet'
ssearchfunction,primarilythroughlargeenginessuchasGoogle,hasalsochangedthehabitsofreaders.[38]Insteadofperusinggeneralinterestpublications,suchasnewspapers,readersaremorelikelytoseekparticularwriters,blogsorsourcesofinformationthroughtargetedsearc
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