The demise of the newspaper industry is inevitable. We live in a culture where we want everything now - and online news allows just that. The immediacy online journalism allows is quite fitting in our fast paced lives and the newspaper industry can’t quite compete. Why pay for information in print form when you could get the same content online free of charge? The recession has taken a serious toll in our daily lives, and even the biggest names in the US newspaper industry are feeling the recession’s bite.
We live in a fast-paced society where we’ve gotten the notion that we need information and need it NOW. Our thirst for the here and now has consumed us, and with technologies such as the internet and mobile devices that enable web browsing why would we want it any other way? The Newspaper Association of America conducted a study and found that Newspaper web sites attracted more than 74 million monthly unique visitors on average in the third quarter of 2009, more than one-third (38 percent) of all Internet users. As more and more newspapers started making their content available on the internet free of charge consumers have taken advantage of the spread and there seems to be no turning back.
Newspapers get their income from two sources: readers and advertisers. With more and more newspapers publishing their print online, there has been a major downfall of readers with paid subscriptions. A BBC News article talks about the demise of the US newspaper in general along with examples of well known names, such as the New York Times, and their hardships – struggling to service debts of some $400 million and having to mortgage it’s gleaming new headquarters (built in 2007) to increase their cash flow. Free content online has put a dent in the income of printed news, but the fact of the matter is, nothing is going to improve until the economy recovers.
Technologies such as iPods and cellular phones now allow consumers to have access to, what seems to be, an endless pool of information. We live in a world where we want information at rapid speed –and for cheap. Until newspapers can configure a way to compete with our hunger for information and the holes in our pockets while making revenue, the demise of the newspaper will only continue.