The Death Nell of Printed Newspapers!
July 17th, 2008 categories: Rants & Riffs
The Honolulu advertiser announced that it will layoff 54 full and part-time employees. Many people believe that this is a result of the lagging economy and, thus, lower advertising revenues. I believe there may be some relation to these factors, however, the bigger culprit is a shift away from printed news sources toward internet-based models.
“As you know, the newspaper industry faces significant challenges right now,” Webber said in his note. “The Advertiser is not immune from them. Advertising revenues were already lagging behind for the media when the downturn in the local and national economies began to materialize. We must cut operating costs to reflect these conditions.”
CLICK HERE TO READ THE ENTIRE PBN ARTICLE
When I began in this business, advertising and local newspaper classified sections proved to be required and effective for selling properties. In those early days, an ad in the paper would make the phone ring with interested buyers. In today’s world that same ad, in most cases, will not lead to any significant interest in the property. Craigslist.com, Loopnet.com and other internet-based marketing websites provide much more consistent and less costly results.
Some of these websites are free and others require a subscription. Given the declining interest in the classified section of the newspaper and other printed advertising platforms, this digital medium not only allows for a worldwide access to buyers and sellers, but it takes an advertisement from the black-and-white of paper and ink to the full-color world of photography and video. Furthermore, because the Internet can be surfed in an anonymous fashion, buyers are more likely to spend a greater amount of time viewing a particular property that may be for sale.
I predict that in the next 3-5 years, the newspaper landscape will look nothing like it does today. The relevance of a printed newspaper will die just as quickly as more seasoned groups of readers I (baby boomer and older) get on the Internet. I would not be surprised to see printed versions of the LA Times, New York Times and any other newspaper go the way of the dinosaur. If you’re reading this, you already know that I am right. For your acquaintances, friends and relatives that have not yet made the transition to the Internet encourage them to do so, because soon they won’t be able to get inky fingers.
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