Newspapers’ 2Q advertising sales plummet 29 percent, reducing revenue by $2.8B from last year
By APThursday, August 27, 2009
Newspaper slump deepens as 2Q ad sales fall 29 pct
WASHINGTON — Newspaper advertising sales shrank by another $2.8 billion in the second quarter, a 29 percent decline from the same time last year.
The numbers released Thursday by the Newspaper Association of America show the industry’s financial woes deepened in the April-June period.
The latest decline left U.S. newspapers with ad sales of $6.8 billion in this year’s second quarter compared to $9.6 billion last year.
The recession and advertising’s shift to the Internet have been eroding newspapers main source of income for the past three years, triggering thousands of layoffs and wage reductions.
The second quarter’s advertising contraction was the worst yet. Newspaper advertising revenue sank by 28 percent in the first quarter.
