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December 20, 2007 / Toby Dayton

Nick Goes On A Rant; Newspapers Struggle To Capture Local Ads; FCC Tries To Aid The Dailies

Nick Corcodilos, in his column Ask The Headhunter, went off on a tirade in his post today, ripping job seekers who believe themselves to be too cool to work for sleepy companies that ‘don’t get it’ – it being new technology, social media, the web, etc. It’s a pretty legitimate rant and well worth the read for jobseekers and employers alike.

In a MediaPost post, Erik Sass summarizes the recent Borrell study that indicates that daily newspapers are losing the battle for local advertising online. Local, online only sites have captured 43% of the $2.7 billion local online ad business, while newspapers, despite their seemingly huge advantage in this arena, have only captured 33%. Just 3 years ago, they had 44% of the local online ad market. Just like every aspect of the daily newspaper industry, they’re getting hammered by more effective services that deliver higher value for less cost. 2008 will ndoubtedly be more of the same for the dailies: declining revenue, larger losses, fewer readers, more cost cutting, lower quality, and more losses for investors. It might even be the case that a first major metro daily folds completely.

In another MediaPost post, Erik Sass highlights the attempts by the FCC, with the recent ruling that loosens the cross-ownership rules, to help the dailies maintain some advantage in their local markets. While the ruling might slow the inevitable decline of the dailies, it will not prove to be the panacea that some believe it to be.

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[tags]Nick Corcodilos, Ask The Headhunter, Arrogant Jobseekers, MediaPost, Erik Sass, Borrell, Local Web Advertising, FCC, Cross-Ownership, Newspapers Buying TV Stations[/tags]