Newspapers’ financial woes worsened in the second quarter as advertising sales shrank by 29 percent, leaving publishers with $2.8 billion less revenue than they had at the same time last year.
It’s the deepest downturn yet during a three-year free fall in advertising revenue — newspapers’ main source of income. The magnitude of the industry’s advertising losses have intensified in each of the last 12 quarters
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The numbers released Thursday by the Newspaper Association of America weren’t a shock, given the dramatic erosion mirrored the advertising losses that the largest U.S. newspaper publishers already had reported for the April-June period.
Still, the statistics served as a stark reminder of the crisis facing newspapers as they try to cope with a brutal recession and advertising trends that have shifted more marketing dollars to the Internet.
“This data represents a rearview-mirror perspective on what we all know was a terrible stretch of bad road,” said John Sturm, chief executive for the newspaper association that serves as the industry’s largest trade group.
Read More: By Michael Liedtke, AP Business Writer