Print advertising loses to the Internet
American newspapers fell a record 14% in the first quarter 2008, the biggest loss on record, as the real estate and job markets shrank and business was lost to the Internet.
Advertisers spent $8.43 billion on newspaper ads in the first three months of 2008, according to the Newspaper Association of America, the eighth drop in a row. Real estate and recruitment ads each fell 35 percent.
Many of the industry’s biggest advertisers are shifting advertising to their own Web sites and cutting spending the sectors that are effected are real estate, automotive and employment , said Kip Cassino, research director at Borrell Associates, a consulting firm in Williamsburg, Va.
Newspaper-owned sites attracted $804 million in advertising during the quarter, the association said, up 7.2 percent from last year and the smallest gain since the industry group began reporting online sales growth in 2004.
Source: Bloomberg News
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