In America, most major cities usually have a few local newspapers to supply the local news. The New York Times recently reported that more and more of these local newspapers have been closing down due to the declining ad revenue and the onset of the recession:
“Nearly every large paper in the country prints fewer pages and fewer articles, and many have eliminated entire sections. Bureaus in foreign capitals and even Washington have closed, and papers have jettisoned film criticism, book reviews and coverage of local news outside their home markets.”
Even the New York Times is not spared. In a recent Bloomberg article, the NYT Chairman has suggested that they may revisit charging fees to web users for access to online content to “combat the “grim” economic outlook”.
“The immediate future looks, at a minimum, grim,” Sulzberger, 57, said at the event. “Traditional revenue streams are anemic and getting worse.”
With the current economic climate, there is a pressing need for newspapers now to explore ways of generating alternative revenue streams.
Is all hope lost? Some writers/bloggers have suggested ways in which newspapers must evolve to survie. Read: How Newspapers Must Change to Survive and 10 Ways Newspapers are using Social Media to Save the Industry
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