
Last night while checking my RSS feeds, I saw this TimesOnline column by one of my favorite bloggers, Andrew Sullivan, about the looming death of print newspapers. Pretty timely given the latest torrent of bad news coming from the world of legacy media companies: Tribune Co., owner of the Chicago Tribune, Los Angeles Times and Baltimore Sun, filing for possible bankruptcy this week; The New York Times borrowing up to $225 million against the value of its mid-Manhattan headquarters building; McClatchy looking for a buyer for The Miami Herald; and E.W. Scripps Co. selling the Rocky Mountain News.
UPDATE: (Within a few minutes of going live with this post, I received word that the Tribune Co. is filing for bankruptcy. Another one bites the dust. UPDATE 2: Given the company’s almost $13 billion of debt along with declining local tv and newspaper ad revenues, it’s a tough road ahead for the Tribune Co. )
Sullivan, a blogger since 2000, gives the history of his blog as to why bloggers hold such an economic advantage over these legacy media companies, despite the best efforts of these companies to beef up their websites:
“To give my own example: I started blogging eight years ago. My once quirky blog, born in time to cover the 2000 election campaign, has steadily grown in traffic over the years, but this year, with the election campaign and a media revolution, it went into the stratosphere. In October last year my blog got 3.5m page views; in October this year it had 23m page views. The story of the campaign, in other words, did find a readership (and page views of big online papers soared as well). The growth just didn’t occur in newsprint, and the next generation of readers – those now under 30 – barely knows what a newspaper is.
Now compare my little blog’s traffic with The Baltimore Sun, a big metropolitan paper with a long history and great reputation, featured most recently in the HBO series The Wire. It had 17.5m page views in October; The Dallas Morning News got 12m; The Atlanta Journal-Constitution got 14m. The operation largely run out of my spare room reached many more online readers than some of the biggest and most loss-making papers in the country. The economics are remorseless: as news goes online, the economic model for papers cannot survive. If advertising follows page views, the game will shortly be over.”
Will large newspapers, even if offered online-only, survive? Only time will tell. But I also agree with Sullivan that blogs are not a complete substitute because most blogs don’t have the budgets and staff to do in depth reporting (Josh Marshall’s Talking Points Memo and Huffington Post are notable exceptions), and often rely on traditional media sources to back up an opinion or issue. Add this to the tremendous loss to the public discourse and it will be a sad day indeed, should only a few media companies manage to survive.