City Paper is not for tourists
A little while back, I wrote about how the second quarter of 2008 was bad news for media companies who were hoping that their “lines” would soon “cross.” The jargon here refers to the hope that sometime in the not-too-distant future, online revenues for newspapers would continue their decadelong surge and replace the lost revenue from print revenues.
Now, some more news on this front. (And given that no news these days is good when it comes to things financial, I now declare it redundant to write the three words “bad economic news”; all you need to say is “economic news.”) A new set of data shows that online ad rates for publishers fell by 46 percent over the first nine months of 2008.
The lesson for newspapers and other media outlets is an inspiring one: Hey, folks, work your asses of to double your Web hits. That way, you can maintain the low revenue that your Web operation was generating in late 2007!