Newspaper giant, The Tribune Company has recently filed for Chapter 11. The Tribune company owns Los Angeles Times, Chicago Tribune, The Baltimore Sun and many others. This is a pretty incredible piece of news for many reasons and this is a huge step for the internet as a viable source of both news and advertisements. Many newspapers rely on advertisements for revenue – especially the classified sections which in many newspapers allots for over 50% of the newspaper revenues. (They don’t make anything on the subscription) With the “recent” rise of internet marketing and online forums, many people have chosen less expensive and mostly free ways to market themselves. Let’s take the classified section for example. With the “recent popularity” of the internet, many people will go to listing websites- the most popular is of course craigslist.com – and list their services, sell anything and even post jobs. I have put the phrase “recent popularity” in quotes because this scenario is quite intriguing. The internet has really only been around for consumers and users for 15 years? Maybe 16 years? Newspapers have been around for hundreds of years. Isn’t it incredible that the online forum has been able to chip away so quickly at big newspaper giants?
And what does this really come down to? Trust. Before, people turned to newspapers to advertise because they trusted that source as a way for them to advertise their product or list their service and etc. Now, the internet is gaining the trust of so many. Plus, it’s much, much cheaper than print media. We’ve seen this happen already with other print publications like magazines. Now, we’re starting to see the big ones start to weaken. Many other newspaper companies are up for sale now as they fret about going into Chapter 11. Internet marketing companies have been telling clients that the print mediums are no longer the way to advertise and to be quite honest, I don’t know how many people will need that much more convincing. I recently wrote about when online media will become traditional media. Well, it looks like online is becoming more traditional faster than I expected. With The Tribune Company going into Chapter 11, it’s pretty obvious that consumers are using more online marketing realms and ever before. And that number is only going to increase.