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The New York Times suffering from a drop in advertising revenue and desperate to shore up its shaky finances has announced that they will raise prices for the second time in less than a year.
Effective June 1 readers will pay $2 for a copy of the newspaper from Monday through Saturday up from $1.50 for a 33 percent increase while the Sunday edition will jump $1 from $5 to $6 which is only a 20 percent increase.
There is no doubt that the paper will increase its revenue from paper sales initially, but over the long term this strategy of continually raising prices to offset losses in other areas is a losing proposition. The paper says they are doing this because of a drop in ad revenue, but advertisers pay based on circulation. As the price of the paper rises and subsribers flee ad rates will have to drop creating an even bigger hole. Plus the paper has been cutting back by laying off staff, reducing pay and eliminating sections. With each move the value of the paper diminishes both to the reader and the advertiser. Plus in case management hasn’t noticed, we are in a recession where every dollar counts. The price increase adds up to an extra $208 per year for the everyday reader which isn’t insignificant in these times.
At a time when management should be doing everything it can to maintain its readership they seem more intent on driving the paper into oblivion.
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About the author
Don Irvine is Chairman of Accuracy in Media. He is active on Facebook and Twitter. You can follow him @donirvine to read his latest thoughts.
That’s how the cookie crumbles!
EVERY newspaper in the country is suffering the same fate – ESPECIALLY in cities where there are two or more newspapers. The Wall Street Journal and other lesser papers in the NYC area ALL have the same problems.
The main reason: Auto ads, help wanted ads, real estate ads (especially) and other bread-and-butter types of advertisements have – - to a great degree – - moved onto the Internet.
Right-wingers like to think that all newspapers are left-wing and that’s what’s “killing” them – - but its really just a change in the marketplace involving the evolution of “new” media marketing and advertising models. (And an ever-declining reading ability and a disappearing reading habit among Americans! Book and magazine sales are suffering the same declines.)