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New York Times CEO Mark Thompson says he expects the end of the physical newspaper in 20 years:
The New York Times was founded in 1851, but it would surprise outgoing CEO Mark Thompson if the physical paper made it to 2040.
"I believe the Times will definitely be printed for another 10 years and quite possibly another 15 years — maybe even slightly more than that," Thompson told CNBC's A View from the Top. "I would be very surprised if it's printed in 20 years' time."
More than 900,000 people subscribe to the print version of the newspaper, said Thompson. At its current subscriber levels, the paper could be printed seven days a week at a profit without a single advertisement, he said.
But as readers become more accustomed to reading the Times on smartphones, tablets and computers each year, a printed paper is clearly a dying form. The New York Times Company reported last quarter that total digital revenue exceeded print revenue for the first time ever. Print advertising fell more than 50% year over year from last quarter, driven by both secular declines and the pandemic. Thompson told CNBC he doubts that advertising will ever come back.
"I'm skeptical about whether it will recover to where it was during 2019 levels," Thompson said. "It was already in year-over-year decline for many years. I think that decline is probably inexorable."
(Score: 1) by hemocyanin on Thursday August 13 2020, @12:55AM
In the early 2000s I too mostly got my national news through the internet but I will say that one thing I miss is buying a local paper from the machine outside my favorite restaurant, ordering my usual, and spending a nice quiet lunch reading the newspaper and then leaving it for anyone else who wanted it. At my favorite coffee shop, the paper was put out and customers would share it -- some small talk like would ensue -- "are you finished with that section" and stuff like that.
Over time the local paper got thinner and then even the pages got physically smaller -- it got to the point where there wasn't enough in it to last a whole lunch time and what was there, was just AP reprints of headlines I'd already seen on my computer. Local news became close to nothing so eventually I just went to squinting at a phone.
There were some nice things about a real newspaper though and it is sad in a way that those days are gone. The writing was less ideological too. That's also gone.