Media in the New Millennium

The Newspaper Association of America has reported print advertising revenue in 2007 decreased nearly 10 percent, the biggest decline since the association started measuring the statistic in 1950.

Editor & Publisher has a complete story.

Despite my headline (OK, I was going for attention) I don’t believe newspapers are dead — yet. However, the model of a lump of dead trees delivered to a porch or mailbox is quickly wearing out its welcome with many. What can continue is the idea of the publication as a brand.

I haven’t subscribed to the paper version of the Wall Street Journal for years, but I’m happy to pay for it online and read it daily. Same goes for the New York Times (that one is free, but I’d happily pay for it, especially the outstanding mobile version). The idea of the news and information these outlets provide continues to be important. However, they need to figure out that some people want a paper, some people want a Web site, and some people want mobile alerts — and they need to make money, which probably means re-thinking many business “truths” they’re currently clinging to.

For example, newspapers typically didn’t make money on the price we paid to subscribe. The idea of the subscription charge was to pay for the cost of getting the paper — the only vehicle for the news and advertisments — to the people. The money was made in advertising, both display and classified. Sites like Craigslist have devastated the classified revenue, and declining circulations are hurting the display ads, as we saw in this year’s massive revenue drop.

I’m fully realize that I’m not saying anything that the industry doesn’t know, I just think there’s a ray of hope for those that can embrace a new model. I’m not alone in looking for a variety of sources for information, from blogs to newspapers to local television. That said, I think many traditional news outlets may need to take bold moves sooner than later. Who knows? The Denver Post of the future may not be on paper at all. But, I for one certainly want access ot the information in the Post, I just want it my way — and consumers will need to understand that we may have to start paying. And if current online revenue models aren’t working — like banner advertising — keep trying until you find the model.

After all, if millions of people (OK, maybe not millions yet, but it will be) will pay a $1.99 to download an episode of South Park on iTunes, there’s hope for the evolution of newspapers!

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