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Monday’s Headline Round-up: Gannett Struggles, New Jersey Star Ledger Slashes Newsroom Staff, Craigslist Gets More Credit Than They Deserve, JetBlue Jumps On Advertising Bandwagon
Once again, the number of stories to write about has outpaced my ability to keep up. So here’s a quick list of a few stories from the past week or two…
1) Even with an increase in TV advertising revenue due to the Olympics and heavy politcal advertsing, Gannett’s net income for the 3rd quarter dropped 33% in Q3.
2) New Jersey’s Star Ledger slashed 40% of its newsroom staff, reducing headcount from 330 to 179 employees through buyouts. The daily newspaper is the nation’s 15th largest in terms of weekday circulation.
3) Ryan Goldberg, in a post entitled ‘Newspapers Beaten To A Pulp,’ provides a decent synopsis of the problems facing the daily newspapers. Like many other observers, however, he vastly overstates the impact that Craigslist has had on the decline in classified revenue. To be sure, Craigslist has dealt some serious blows to the daily newspaper industry, but I would argue that the vast majority of classified advertisers on Craigslist were never paying customers of the daily newspaper. Not all of them, by any stretch, but certainly a majority.
4) JetBlue joins the list of other airlines that are embracing advertising as a means to help generate incremental revenue streams.