Friday, June 27, 2008

900 newspaper jobs lost THIS WEEK

Over at Recovering Journalist, Mark Potts breaks down a horrendous week in the newspaper industry, with 900 job cuts announced (and there's still a day and a half left in the week). In addition to documenting exactly where the cuts are coming from, Potts also brings the pain to management. After starting a paragraph with "Newspapers brought these problems on themselves," he continues:

The ways in which newspaper managements have screwed up over the past decade or so to lead to this state of affairs are manifold and simply put:

* Failing to understand the power and impact of the Internet.
* Failing to be creative about business models to fully monetize Internet content.
* Failing to be creative about working with advertisers to find new online ad models.
* Failing to take seriously powerful new competitors like Craigslist, Monster and Google.
* Failing to provide readers with enough relevant, compelling, can't-get-it-anywhere-else content–especially local coverage.
* Failing to understand that 20 percent profit margins aren't a divine right.
* Failing to move quickly enough to rein in costs and find efficiencies throughout the business.
* Failing to move quickly enough, generally.

The whole thing's a smart, angry read.