Friday, December 26, 2008

The Most Important Story Everyone Missed This Year

Kathleen “K.T.” McFarland writes:

When the historians take over from the journalists –- in about five year’s time –- the most important story everyone missed will be the death of news delivered in print and the birth of news delivered over the internet.

At the beginning of 2008 newspapers were still king. They could make or break a political candidate with their coverage, and swing an election with their endorsements. But they were ailing financially, with constantly dwindling profits. For most newspapers the legacy costs, large production and infrastructure expenses and, most of all, declining ad revenues meant the business model no longer worked for most newspapers. Their advertising revenues have fallen by 25% in the last two years – and that was before the recession.

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