Traditional media outlets such as newspapers, radio, or television used to be the only way to stay connected with what is going on in the world. While these forms of media are still around, they are no longer the only way for someone to receive information. In 1990, Time Berners-Lee invented the World Wide Web. Although the internet was first developed in the late 1960s by the U.S. Department of Defense, it wasn't until the creation of the World Wide Web that the information within the internet was easily accessible. (Source:) The creation of the internet led to the innovation of the computer. At first, computers were only found in the business world. However, in 1968, Hewlett Packard marketed the first desktop computer. It was this invention that led to the creation of portable computers, known today as laptops. (Source:)
In the early '90s, the invention of smartphones quickly became a part of our everyday lives. Fast forward to 2019; we now have the technology to have access to the World Wide Web in the palms of our hands. We no longer tied to the printed newspapers and the nightly news. Now, if someone wants to know what is going on in the world, they can search for it on the web, or “Google it” as it is more commonly known.
With the rise of the internet came the innovation of social media. Social Media platforms, such as Myspace, Facebook, and Twitter allowed for people to become more connected with people throughout the world. This need for connection quickly became a pillar within the Millennial/Generation X (Gen X'ers) generations. While Millennials were born at the beginning of the internet/social media boom, Gen X'ers have only ever known the world to be one accessible through their phone. Both generations have become accustomed to getting all of the information they wish for via their smartphone. However, the adoption of this innovation created a problem for print media, newspapers, especially. In 1984, the total circulation number for weekday newspapers within the U.S. was 63.3 million. However, in 2018, the total number of weekday newspapers was only 28.5 million. While that number is still quite large, the drop in circulation number is still rather significant. (Source:)
According to a Pew Research survey conducted in 2018, one-in-five adults stated that they get their news through social media. While social media usage is still most popular amongst the younger generations between the ages of 18 and 29, older generations are slowly coming to terms with its ability to be used as a news source. The Pew Research group found that 36% of people between the ages of 18 and 29 use social media as their primary news source. While only 2% of the age group uses newspapers, close behind them is the 30-49 age group with 22% for social media and 8% for newspapers. As you can see in the graphic below, however, the 30-49 age groups are still using the internet (News Websites) to get their information. This graphic shows how even the older generation is relying more so on television for their news than newspapers.
Another thing to point out about this graphic is how the younger generation doesn't have one media source that massively outweighs the others, except for newspapers. Millennials and Gen X'ers are more likely to get their news from a variety of sources, unlike the older generations, like the Baby Boomers. (Source:)The use of social media is only going to go up. The younger generation enjoys the accessibility and the connection to the world as a whole that social media provides.
So what does all of this mean for the Print media industry? If the trend of social media continues to rise, like we are expecting it to, the circulation numbers of newspapers will more than likely continue to dwindle. Millennials and Gen X'ers need instant gratification. They don't want to wait for a newspaper, even if it is a daily publication, to be produced for them to get the information they want, especially when they can receive that same information within minutes via their phone. Because of that, I don't see how the print media can create innovation to regain their popularity amongst the population. While the younger generation can appreciate the nostalgia of the past, it is highly unlikely that they will return to print media as long the accessibility of social media and the internet is still available.
With all of that being said, some newspapers are trying to remain relevant in the eyes of the younger generations by creating a website to fulfill their need for instant gratification. Newspapers are also realizing the importance of having a significant presence on social media. Newspapers, such as the Washington Post and New York Times, are starting to utilize their social media platforms more and more. They are also using social media to attract more readers to back to their own websites by posting links to the stories on their multiple social media platforms. In 2018, it was reported that there was an average of 11.6 million visitors to the top 50 newspaper websites in one month. However, while that number is on the higher end, the average amount of time that the visitor would spend on the website is 2 1/3 minutes. That is long enough to probably just read the article that drew them to the website in the first place. This number is also trending lower than it has in the past. The amount of time a visitor spends on a newspapers website went down 5% between 2017 and 2018.
So, if newspapers aren’t getting their revenue from subscriptions, where are is the money coming from in order to keep the newspaper afloat? Well, some of the revenue is generated via digital advertising. “Digital advertising accounted for 35% of newspaper advertising revenue in 2018, based on this analysis of publicly traded newspaper companies”. More and more advertising companies are beginning to utilize social media and websites due to the fact that there are more people spending time online, rather than watching television and reading print media.
Overall, print media is slowly, but surely, in a state of consistent decline. However, if newspapers are able to acclimate to the new world of technology and find a wa to remain relevant among the younger generations, I believe that they will be able to flourish online. However, the new technological advances within todays society will, at some point, make traditional media either irrelevant, or out dated.
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