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Conde Nast Gets It Right With Portfolio
Portfolio remains the best business magazine on the market today, and stands as the best new magazine I’ve read in some time. In an article this month entitled ‘Paper Tigers,’ Roger Lowenstein details the efforts of Charles Madigan to compile previously published articles relating to the decline of daily newspapers. It’s a solid article and I will undoubtedly enjoy perusing Madigan’s collection of articles.
At any rate, Lowenstein included some statistics about the deterioration of the daily newspaper industry that are worth repeating. Circulation today, for all the dailies in the country, is equal to what it was in 1950 when the population of the country was half of what it is today. Among adults younger than 34, only 1 in 5 reads a paper every day. And lastly (though it is well publicized, it remains shocking nevertheless), the average age of a daily newspaper reader is 56. In general, the article provides a decent synopsis of the issue facing newspapers and adequately summarizes the larger questions about what might become of printed news, what role newspapers play in a democratic society, and how Wall Street, profitability, and charitable foundations have and may, in the future, impact newspapers. It is well worth the read for anyone interested in the industry.