Pew Research Center analysed the performance of US newspapers, cable and broadcast media outlets between 2019 Q2 and 2020 Q2.
The newspaper industry was already facing closures and layoffs for years, but the pandemic has made it even harder for them to survive. Between the second quarter of 2019 and 2020, median ad revenues among the US’s six largest newspapers chain decreased by 42%.
The circulation revenue of the newspaper industry also went down by 8%. The report further emphasised that this hit was worse than the Great Recession a decade ago. Additionally, digital ads, the newspaper industry’s last financial hope, fell by a median of 32%.
Three major cable news networks – CNN, Fox News and MSNBC – has maintained stability in terms of ad revenues. In contrast, ad revenues across the three major broadcast TV news networks including ABC, CBS and NBC increased year-over-year.
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