In those days, most people read newspapers, whereas today, most
people do not. What caused this change? One big factor, of course, is
that people are a lot stupider than they used to be, although we here
in the newspaper industry would never say so in print. — Dave Barry
Less than two years after it was bought by a private equity group, the
Star Tribune has filed for reorganization under Chapter 11 bankruptcy.
The Associated Press reports:
Like many other newspapers, the Star Tribune has been dealing with declining print advertising.
Since 2007, the Star Tribune has made $50 million in cuts through attrition, layoffs, buyouts and other cost-cutting measures.
The Star Tribune filing is the latest sign of the struggles facing the newspaper industry, which is coping with a deadly combination of high debt and declining advertising revenue amid a deep economic downturn.
Read the full article here.
It’s not just the newspapers
Magazines too are experiencing desperate times. There is even a website devoted to listing magazines as they die, kind of an obit to the mags and rags: Magazine Death Pool.
The Pittsburgh Post Gazette reported:
In 2008, magazines, along with all media, experienced their worst year in decades, with ad pages plummeting 9.4 percent from last year, according to the Media Industry Newsletter, compared with a 7.8 percent drop in 2001. Luxury magazines have suffered even more, with ads in December dropping 22 percent from 2007.
Newsweeklies are particularly troubled: Time Inc. will cut 6 percent of its 10,200 employees and restructure its business, to the tune of $125 million, while Newsweek is cutting staff and reinventing itself as a less newsy, more thought-leader-ish analysis weekly modeled on The Economist.
Even recession-resistant Conde Nast — purveyor of fashion, fantasy and celebrity through its Vogue and Vanity Fair titles — couldn’t escape the impact of this year’s financial crisis and has cut jobs along with Meredith and Hearst.
How about you?
I subscribe to National Geographic because I want my daughter to be able to pore over the gorgeous photographs and so she has a library of fascinating articles to treasure hunt through, sans computer, on rainy days. I have subscriptions to Elle, Marie Claire, and Glamour because I got them for free with purchases I made. I pick and choose magazines at the stand for the level of interest they hold for me per issue. Other than that (and excluding literary mags,) I read the newspapers online and regularly check out online magazines and news sites. Video killed the radio star. Did Internet kill the magazine star? Did I?
Via YouTube: Video Killed the Radio Star, The Buggles