The decision by Fairfax to cut nearly 2,000 staff and completely reshape their business is entirely predictable. Indeed some would argue that it should have happened a long time ago and that Fairfax is, if anything, slow off the mark.
There is no doubt in my mind that other newspapers in Australia will follow suit, sooner rather than later.
The days of newsprint are coming to an end – as indeed they should. Consider:
- 60% of white collar workers now consider the Internet their primary source of news.
- News over the Internet is current, searchable and easy to consume.
From an environmental perspective:
- Newspapers create enormous waste and involve enormous resources in their distribution.
- The Internet creates virtually no waste and utilises significantly less resources.
From the advertisers’ perspective:
- Online advertising is so much more dynamic than press advertising.
- Online advertising is so much easier to target and so much more accountable than press advertising.
It is little wonder that 20% of all expenditure on advertising in Australia now is online. It is equally little wonder that within two years, the expenditure online will surpass that in the press and on television.
Newspapers in their current form are dying. Suggestions to the contrary, there is also increasing evidence that magazines are dying.
Indeed, why would I wait until tomorrow morning to read about something which happened today, if it is online now?
Entirely predictable stuff.
That’s what I say, what say you?