Why The Newspaper Industry Collapsed
He shows ad revenue from help wanted classifieds dropping 92% in last 10 years, hitting $723 million last year, down from $8.7 billion in 2000. Once that easy money left the newspaper industry it was a lot harder to earn as much profit.
Cendella says it didn’t have to be this way: “Newspaper executives knew what had to be done to compete successfully in the future but were afraid to upset the people responsible for the past. It was a lack of courage, not a lack of clarity.”