With all the talk of bailouts and the US Treasury printing a few extra trillion to dole out, it comes as no surprise that yet another struggling industry is joining the party - the US newspaper industry. Give me a break. The newspaper industry has been spiraling downward long before September's meltdown (check out Paper Cuts). According to the March 24 Reuters story:
Cardin's Newspaper Revitalization Act would allow newspapers to operate as nonprofits for educational purposes under the U.S. tax code, giving them a similar status to public broadcasting companies. Under this arrangement, newspapers would still be free to report on all issues, including political campaigns. But they would be prohibited from making political endorsements.
"We are losing our newspaper industry," Cardin said. "The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy.
With all due respect to Sen. Cardin - a tragedy for our community? A tragedy for our democracy?
Yes, the economy sucks, ink costs are soaring, advertisers are running for the hills, but no bailout or issuance of tax-exempt status addresses the real reason print newspapers are in trouble - the fundamental change in the way we consume, share and discuss information.
It would've been a tragedy 100 years ago. Perhaps even 10 years ago. But now, there's ZERO barrier to entry, Senator. The amount of news and information available at our fingertips with the strike of a URL is incredible and would argue we're much better prepared as political and/or big business watchdogs.
For example, I can now read about my local Congressional representative's latest press release, click through to the voting record, uncover her position on a particular issue, use "Google News" to get a sense of the topics she's leading and commenting on, watch an embedded video in the text story responding to an opponent, read through her LinkedIn page and finish by reading her latest Tweets from the floor of the House.
The only tragedy would be shelling out more tax dollars to keep a broken business model on life support. Let the talented journalists and savvy executives figure out now how to restructure, reinvent and change rather than delay the inevitable. Just check out what the former Rocky Mountain News staffers are up to with the InDenverTimes.
One last point. The day I canceled my Sunday Boston Globe two years ago, I was honestly upset. Armed with a cup of coffee and dog at my feet, I began on the front page above the fold, worked through the editorials and opinions in Ideas, (rubbed the dog's belly), scanned the Metro stories, dug deep into the Business section, dug even deeper into the Sports pages, (said, "you're a good dog..." about 10 times) and closed with the light fare of Arts & Entertainment and PARADE. Breaking that tradition was brutal. But hardly a tragedy.




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