I just posted my latest article on The Industry Standard – What The New York Times, The Wall Street Journal and CNN are doing wrong.
It has already been well-documented that online media is eating away at print revenue. Take The New York Times for example. According to Scott Karp, from “May 2006 to May 2007, print ad revenue for the News Media Group decline $19.2 million or 14.4%, dwarfing the $2.8 million increase in online ad revenue.”
Broadcast revenue is also on the decline. According to Nielsen Media Research, although National Cable TV and Spanish-Language TV were up slightly, Network TV and Spot TV Markets were down significantly in 2007.
The good news for print and TV is that they’ve moved to the Web. Now they just have to figure out how to do it right.
Print and television brands are some of the most well-known in the world. Just think of the names – The New York Times. CNN. The Washington Post. NBC. It would be difficult to find someone who doesn’t recognize at least one of those companies. And the audiences have followed the brands online. According to the data (see chart, below), many mainstream print and TV outlets have huge – and growing – online audiences.
In my opinion, building an audience is the biggest challenge to overcome online. The second is producing content that anyone cares about. So these companies are more than half-way there. If they can just get their business models figured out, they just might have a shot at not only surviving, but thriving.