By the way, you can still make money publishing newspapers—even in a period when advertising has plummeted. Check out Gannett’s third-quarter earnings report. Its newspapers pulled in more than $100 million of operating income on revenues of $1.04 billion. In the first three quarters of 2009, advertising revenues were off 31.6 percent, but circulation revenues were off less than 5 percent, even though many of Gannett’s flagship papers lost subscribers.
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It’s simple – all the stupid photographers who bought the idea of ‘crisis’ and ‘you have to make less because we might make less’… all the reporters who cared about ‘exposure’ and other empty promises… and all the others who agreed to help the newspaper owners grow richer.
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