Online Journalism Is Suffering Print’s Fate

By Megan McArdle If you want the pithiest summation of the problem facing modern journalism, here it is: dollars in print, dimes on the Web, pennies on mobile. That’s advertising revenue we’re talking about. Journalism is what economists call a “two-sided market”: Media companies sell news and entertainment to you, and they sell you to advertisers. Outside of some specialty trade publications, subscriptions have never covered the cost of producing newspapers and magazines. In fact, they rarely exceed the cost of printing and mailing the things. The actual work of reporting has always been paid for by the advertisers. “Another way to look at this point is bad writing on the Internet is suffering the same fate as bad writing in print.” Read the full article here:

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