List of Newspapers Firms Gone Out Of Business in Last 3-4 Years
Most famous newspaper companies gone out of business in last few years are…..
- Cleveland Plain Dealer – As one of the most economically weak markets in the country, the Cleveland Plain Dealer was already talking about shutting down its operation in early 2009. It finally went through with the shut down by the end of 2009.
- The Boston Globe – By the middle of 2009, The Boston Globe was already losing $1 million per week. According to an investment bank, the newspaper operation was only worth about $20 million – so it was largely bleeding money.
- The Minneapolis Star Tribune – The Minneapolis Star Tribune began losing money in 2007 and continued its downward spiral until it filed for bankruptcy in early 2009. In 2012, it still exists primarily online – although there are a small number of subscribers to the printed paper.
- The San Francisco Chronicle – In 2008, the San Francisco Chronicle lost almost $70 million in revenue. By the end of 2009, the loss of revenue coupled with the horrible California economy caused the paper to go to a strictly online publication.
As technology continually upgrades and information sources deliver increasingly “instant” results, many wonder what is to become of the old standard of gaining information and current events – namely the newspaper.
The newspaper in its 300-year-long heyday was THE source for news and events. American society depended on their daily or weekly newspaper to let them know what was happening and how to prepare for the things to come. Job seekers were urged to search the “want” ads and “pound the pavement” for potential job leads, while people looking for second-hand merchandise scanned the classifieds for the best deal.
However since the advent of the Internet, and as websites become more and more elaborate, the glowing informational beacon that is the newspaper, grows dimmer and dimmer. Today’s society is an instant information, instant gratification entity. We want our news now, we want opinion pieces now, we want a faster and easier way to search for jobs, and we want a faster and easier way to search for second-hand merchandise. And technology has stepped up to the challenge.
Are you looking for the latest headlines? Just about any search engine, such as Yahoo! or Google, has a specific page dedicated to news and the latest headlines. Opinion pieces or editorials, are all over the Internet. Pick your favorite commentator and they undoubtedly have a website, a Facebook page, or a Twitter account with a link to their blog. Websites such as Career Builder.com, Monster.com, and Hot Jobs have the market cornered on job searches. There are even specialty websites set up to search for the specific industry you’re interested in – such as the hospitality and culinary field, the medical field, or the engineering field. And of course if you’re looking for second-hand goods, look no further than CraigsList.org or any number of other websites that feature other users selling things.
When you consider a newspaper’s two primary sources of income, it is clear as to why they might be on their way to extinction. A newspaper depends primarily on subscriptions and advertising to generate their revenue. With the news becoming so readily accessible on the Internet, newspaper subscriptions are rapidly dropping off every year. Newspapers too may be contributing to their own demise by making their material available online for free. What consumer is going to pay for a subscription when they can get the same information at no cost, via just a few clicks on a website?
Advertisers are beginning to recognize the significance of declining newspaper subscriptions. All of a sudden it is no longer cost effective for advertising executives to purchase space in a newspaper since there it is unlikely that a large number of potential consumers will be around to see those advertisements. It is this decrease in subscriptions and advertising dollars that has put the newspaper industry in dire straits. While there are still several print newspapers in existence today, the eventual death of the newspaper industry appears to be more and more imminent.