I have been hearing on the news about the long-running newspaper the Boston Globe getting the feel of the economic pinch. Apparently they lost 50 million dollars last year and their parent company the New York Times, isn't very happy. The Globes average circulation has plumeted by 7.5% which has caused a bit of a panic my the Times. A few day ago the Times demanded that the Globe cut their budget by 20 million dollars in 30 days otherwise they could face being shut down for good. I'm not going to discuss the fact that the bigwigs are getting huge bonuses while now the everyday man has to pick up the slack and suffer for it. We all the know the ugliness of that old chestnut. I'm more just concerned with the overall state of things. In case you know we're are in economic turmoil. It's True! I'm not making this up! (knuck knuck). It's crazy to me that a newspaper can go out of business. I mean everyone buys one in the morning, there cheap enough but I guess everything can be touched by this crisis. Recession aside, I'm curious about how much the internet as to do with the low circulation rate. If I was to by the newspaper, there is a significant chunk that I'm not going to read because I'm not interested in. If I go to the internet I can get exactly the news I want and get it for free. The internet is general is having a big effect of things like, music sales, movies sales, etc. The internet is such an easy, cheap, convenient way to do things that is is beginning to make other mediums obsolete. I just think that we have to take a step back and look at the state of things in general, pretty shitty stuff if you ask me. I just feel the possible closing of the Globe is a metaphor for things in general. I guess it just makes me nervous that if a newspaper can go out of business seemingly overnight, what's next? I enjoying the Globe when I get the opportunity to read it. I hope that it doesn't go belly up. Here's hoping for America to turn that proverbial corner and get back on the right track!
Intersting post. I have not heard much about the "Globe fiasco" lately, but I did see Howie Carr speak this past weekend and he mentioned the newspaper but nothing of its financial woes. I'm anxious to see what will happen in the near future
ReplyDeleteIt's a scary time to be in the newspaper business, I have family that work in distribution and printing and I am quite worried that the newspapers are going to start fading away.
ReplyDeleteIt would be so sad if the paper goes out of business because it has been around for so long. But I can totally see why it may. I know more and more people who read the papers online. While times are tough that 1 to 2 dollars can add up fast. I mean thats at least 30 dollars a month, that an individual can save by looking it up online. I prefer reading materials to be in my hand than on the screen but it totally makes sense why they are struggling. Even the CD companies are struggling to get by as they are being replaced by downloads. I think almost all of the CD stores on Cape Cod have gone out of business such as Strawberries and FYE.
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