When the grand, gray lady of newspapers, The New York Times, changes its tagline from “All the News That’s Fit to Print” to “All the News That’s Fit to Click,” there can be no question that momentous changes are underway in the publishing world.
“It’s wake-up time for the publishing industry,” said Lisa Phillips, eMarketer senior analyst and author of the new report, Newspapers and Magazines Online: Content Is Still King. “eMarketer projects that US newspaper and magazine publishers will spend nearly $537 million this year to advertise their print and online brands.
“By 2011, that figure will reach $1.3 billion in online advertising, an increase of 142%,” Ms. Phillips said.
Major newspapers and magazines have no choice. It’s publish and promote online or perish.
“Newspaper publishers have watched print ad revenues—particularly classifieds—migrate online to sites such as AutoTrader, Craigslist, Monster and Zillow.com,” Ms. Phillips said. “Magazine brands with million-plus subscribers have been shuttered in favor of branded Web sites.”
Like it or not, readers and advertisers are turning to the Internet, and print brands must follow.
“This year, according to Veronis Suhler Stevenson, magazine and newspaper publishers will spend $7.7 billion on digital content and advertising,” Ms. Phillips said. “By 2011, they project that spending will rise to $17.1 billion, an increase of 122%.”
Much of the money is going to build out Web 2.0 features.
In the first nine months of 2007, the Magazine Publishers of America recorded 145 new digital initiatives, from redesigns and relaunches to audio and video podcasts, social networking features, mobile sites and webisodes.
“Without question, print publishers are focusing on the digital transformation of their brands,” Ms. Phillips said. “While print products will not go away—any more than radio disappeared when TV arrived—publishers must adapt to serving two audiences, one online and the other offline.”
To read more of the writing on the wall, get your copy of the new eMarketer report, Newspapers and Magazines Online: Content Is Still King, today.