Major media companies are pinching pennies because their main source of revenue -- advertising -- has been rapidly drying up.E-Commerce News: Publishing: Journalists Squeezed Out in Media Belt Tightening
The downturn for newspapers began several years ago as Web sites like Craigslist offered free advertising alternatives and Internet search leader Google (Nasdaq: GOOG) More about Google developed a more effective marketing vehicle. The worst recession since the early 1980s has prompted advertisers to curtail spending even further.
The U.S. newspaper industry, as a whole, is expected to collect about $28 billion in ad revenue this year, a 40 percent drop from $46.6 billion in 2006, according to a Barclays Capital analysis.
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