Newspaper giant’s profits take nosedive
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Gannett Company Inc., one of the largest newspaper publishers in the world, is facing an income decrease of epic proportions. Newspaper stocks in general fell Friday, but Gannett led the pack. The company’s fourth-quarter net income was down 35.5 percent. Its publishing income fell an astonishing 49.6 percent.
The newspaper industry was struggling long before the rest of the economy. The rise of the Internet has hit publishers hard. More people are getting their news from web sites. Advertisers are investing in online ads rather than newspaper ads.
Jobless workers don’t need newsprint
In the past the skyrocketing unemployment rate might have actually helped the newspaper industry out. After all, the most common method of looking for jobs was to pick up the paper and scour the classified ads. That’s no longer the case. It seems these days people can get pretty much anything they need, including fast payday loans, online.
There are plenty of free web sites out there where people can look for employment for free, such as Monster.com. Even laid off journalists don’t need a paper to look for a job. Journalismjobs.com lists all of the newspaper positions available in the country. However, journalists who get laid off nowadays probably take it as a sign that it’s time to move on to a different industry.
Items for sale advertised for free
Craig Newmark founded craigslist in San Francisco
On top of losing revenue from newspaper sales, publishers are also losing money from the people placing classified ads. Ads selling household items, advertising garage sales and offering services used to be the bread and butter of newspaper organizations.
Now the Internet has taken over that sector, too. Craigslist.org, for instance, allows anyone to post ads for free. You can find items for sale, job listings and personals ads in your area no matter where you are. Most importantly, it’s free. In the words of research analyst James Goss “It’s hard to compete with free.”
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It is very hard to compete with free. Although I think that the downturn in newspaper revenue is exclusively tied to classified ad revenues being down. A daily newspaper delivery is an expense you can afford to lose when you can get all your news off the internet these days, but that said, Daily newspaper delivery is also a minor expense that you can afford to keep also, and the loss of jobs due to it is unfortunate.