The Future of News – Peak Journalism | Futurelab
“Society doesn’t need newspapers. What we need is journalism.” Clay Shirky
According to PricewaterhouseCoopers’ Global Entertainment and Media Outlook (2010 to 2014) another milestone is about to be passed with the internet poised to overtake newspapers as the second-largest U.S. advertising medium by revenue behind television. Contrast that with some bleak but revealing figures from the OECD report on The Evolution Of News And The Internet, which tells us that since 2007 the UK has seen one of the heaviest global newspaper circulation declines at 25%, second only to the US at 30%.
The growth of the global newspaper market, says the report, slowed progressively from 2004 to almost nothing in 2007 and then contracted from 2008 in spite of growth in the developing world. Taking account of non-OECD countries and the positive effects of the economic recovery, the case for the ‘death of the newspaper’ is not supported by the data, but the challenge faced by newspaper publishers is put into sharp focus by the conclusion that whilst internet traffic to online news sites has grown rapidly, the online revenues of newspapers were in general “miniscule in comparison to total revenues and online revenues of other digital content industries”, with online advertising accounting for 4% of total revenues in 2009.
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