Newspapers the fastest-shrinking industry in the U.S.
Using five years' worth of data from the Council of Economic Advisors, LinkedIn has calculated how the job rate has grown or declined in various industries, finding that between 2007 and 2011, the U.S. newspaper industry shrunk the most of any other industry analyzed, LinkedIn reported.
While the "internet" category and "online publishing" are two of the fastest growing industries, up 24.6 percent and 24.3 percent, respectively, from 2007 to 2011, the newspaper business lost the greatest percentage of jobs, down 28.4 percent, Business Insider explained.
Such depressing numbers about the newspaper industry should come as no surprise considering that, in 2007, The New York Times Company was trading for about $25 a share, and in February 2012, $6.56, according to another Business Insider article. And as The Atlantic pointed out with some telling graphics, print advertising in newspapers has "collapsed."
Despite the growing internet and online publishing industries, a new report from the Pew Research Center's Project for Excellency in Journalism showed that newspapers' online advertising revenues are not making up for print ad losses, as for every $1 gained in digital advertising, $7 are lost in print revenue.
- U.S. newspapers losing $7 in print ad revenue for every $1 gained in digital, Pew study says
- U.S. news consumption up thanks to mobile devices, Pew report says
- Newspapers urged to raise their prices to combat declining advertising revenues
- Online advertisement sales in U.S. set to eclipse print ad revenue this year
- U.S. community newspapers going strong, study shows