In a move that should please those who love ironic situations and watching others “eat crow”, the New York Times is successfully using online ad sales to gain a better financial footing.
For years the newspapers have been trying to figure out how to deal with the change in our appetite for media consumption. As more and more people get their news in some digital fashion, newspaper circulations have declined along with ad revenues. This trend has led many of these organizations to the brink of failure as the new mediums pushed their way through.
In a nutshell, these organizations have tried to fight the trend toward digitization rather than embracing it and they have paid a heavy price.
Finally, A Shift to Digital
It’s no secret the New York Times has been struggling financially over the last few years. However they finally have a bit of good news. In their 2nd quarter results which were announced this week, showed a 21% jump in digital ad sales to accompany their 6% decline in print ad sales. Overall they showed a net gain of 1% and this was the company's first revenue gain since 2007.
What’s to Come in the Future?
The news this week marks a rare success story for traditional newspapers trying to survive in today’s web-oriented world. And as much as those of us in the web world would like to see our competition fall away – the world is undoubtedly a better place with organizations like the Times contributing at full capacity.
However, with that said, the struggle that the newspapers have gone through is a telling one. The lesson to be learned here is that the digital age is NOT going away. And instead of fighting the trends, look for ways to embrace them and make internet marketing a part of your business.