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US newspapers see slower than expected online revenues
Even with all the grim news the newspaper industry has faced in recent years, publishers have consoled themselves that they have a lifeline. If they could switch content away from print and onto the Internet -- bringing advertisers with them -- they could save their businesses.
Last week, that lifeline began looking frayed. New York Times Co. warned Thursday that online advertising growth this year won't be as strong as the 30% it had projected. On the same day, Tribune Co. reported that the growth rate for first-quarter interactive revenue was sharply lower than a year earlier. Gannett Co. likewise said online revenue growth slowed in the first quarter from a year earlier.
Several other major U.S. newspaper companies have yet to report for the first quarter, including McClatchy Co. and Washington Post Co., although on Friday the chief executive of Washington Post's online arm, Caroline Little, said growth was "slowing slightly across the board but is still very healthy."
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