The traditional publishing industry has been one of the biggest victims of both the economic collapse of recent years and the rise of blogging and social media. To truly understand the damage, take this stat: Google, by itself, earned more revenue ($37.9 billion) than the entire newspaper industry ($34 billion). That includes The New York Times Company, the Chicago-based Tribune company, Rupert Murdoch’s U.S. holdings, etc.
As Forbes pointed out, much of this has to do with the loss of revenue from classified ads. When you consider that you can find jobs listings at the most random of sites (i.e. Hypebeast) and bikes and other second-hand goods for purchase on everywhere from Facebook’s Marketplace to Craigslist, it’s a surprise that the newspaper industry hasn’t fallen further.
[via Forbes]
