U.S. newspaper advertising revenue collapsed by nearly $2 billion, or 18 percent, in the third quarter, according to the Newspaper Association of America, an industry group. Even online ad revenue made a small U-turn for the second quarter in a row.
The year-on-year quarterly percentage decline is the worst since since the NAA has been keeping such records and represents an increasingly rapid deceleration that began in the third quarter of 2006, when total ad spending dropped 1.5 percent.
The figures, updated on the day before the Thanksgiving holiday, show total ad spending at newspapers fell 18.1 percent to $8.94 billion, down from $10.92 billion in the third quarter last year.
This does have me smiling as the stock market ends the worst year since the 1930. The media arm of the Obama administration is dying, but not fast enough.
Faster please.
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