The business of selling words to readers and selling readers to advertisers, which has sustained their role in society, is falling apart (see article).
Of all the “old” media, newspapers have the most to lose from the internet.
The website of Britain's now has nearly half as many readers in America as it does at home.In addition, a new force of “citizen” journalists and bloggers is itching to hold politicians to account.” asked a recent report about newspapers from the Carnegie Corporation of New York, a charitable research foundation.Nobody should relish the demise of once-great titles.In 2005 a group of shareholders in Knight Ridder, the owner of several big American dailies, got the firm to sell its papers and thus end a 114-year history.
This year Morgan Stanley, an investment bank, attacked the New York Times Company, the most august journalistic institution of all, because its share price had fallen by nearly half in four years.Over the next few decades half the rich world's general papers may fold. According to the Newspaper Association of America, the number of people employed in the industry fell by 18% between 19.Tumbling shares of listed newspaper firms have prompted fury from investors.It has survived as readers have shunned papers and papers have shunned what was in stuffier times thought of as serious news. That is partly because a few titles that invest in the kind of investigative stories which often benefit society the most are in a good position to survive, as long as their owners do a competent job of adjusting to changing circumstances.Publications like the should be able to put up the price of their journalism to compensate for advertising revenues lost to the internet—especially as they cater to a more global readership.And they are investing in free daily papers, which do not use up any of their meagre editorial resources on uncovering political corruption or corporate fraud.