Online Classifieds to Ruin Newspapers
November 27, 2008 by Emma Sorensen
A report in leading Australian newspaper The Australian today says that newspapers in the country will lose up to $1 billion in revenue over next four years if classified advertising continues to migrate online.
The story arose from the Future of Journalism conference in Melbourne.
Quoting research from EL&C Bailleau stockbrokers at the conference, Ivor Ries said that Australia’s main newspaper companies had already lost $450 million in classified advertising revenue in the past four years.
According to another commentator, worst hit was Fairfax, who own leading newspapers including the Sydney Morning Herald and The Age, as well as online property portal domain.com.au, the number 2 player in the Australian online property market.
Read the full article from The Australian here.
In the US, an Inman TV News clip shows Ben Phillips, vice president and MD of Realogy’s openhouse.com, discussing similar issues, with the migration of classifieds online causing industry-run destination sites like openhouse.com to take advertising into their own hands.
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Newspapers are suffering lately due to tough economic times but I think that online classifieds have more to do with it than most think. I think you are right on, the online movement, especially in reference to the classifieds, may ultimately lead to a huge reduction in print news.