Too many publishers
Friday, May 1st, 2009
More evidence that there are twice as many publishers as the market will support. Here’s the Washington Post’s report on its own health:
The newspaper division reported an operating loss of $53.8 million caused by steep fall-offs in advertising, which are being felt across the industry. Print advertising revenue at The Post plummeted 33 percent in the first three months of this year, compared to the same period last year, and revenue at The Post’s online properties — chiefly, Washingtonpost.com — dropped 8 percent in the quarter, the first decline in ad revenue at the online unit in recent memory.
Adding insult to injury, “The newspaper division is now The Post’s third-biggest revenue-generator, providing 15 percent of company revenue.”