The New York Times Company, the publisher of The New York Times, has closed the first quarter of 2010 with a net profit of 12.8 million dollars. One reason for this improvement has been the increase in online advertising: it grew 18.3% and reached 80 million dollars. Print advertising? It continued its downward slide and dropped 12.3%.
Despite the aforementioned facts, statements from the publisher regarding the future of the print edition talk about optimism, recovery, etc, etc….
These mastodons of communication are still unable to adapt to the times and continue trying to save print. Surely, the scribes who worked before the invention of the printing press also broke out in cold sweats when they saw the future rear its ugly head. Reality wins in the end, print newspapers keep shutting their doors, and the sales of those still around are falling precipitously, but there are still a lot of interests out there that make agencies continue to spend money towards an antiquated, expensive model, one that doesn’t offer reliable rates of return. Save yourself if you can.
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