The one silver lining to all of this was the online efforts of newspapers, which were supposed to save the industry. Advertising dollars were actually growing at a rapid pace.
That was then, apparently. The New York Times reports today that online advertising growth at newspapers had slowed to a crawl.
After 17 quarters of ballooning growth, online revenue at newspaper sites is falling. In the second quarter, it was down 2.4 percent compared with last year, to $777 million, according to the Newspaper Association of America. It was the only year-over-year drop since the group began measuring online revenue in 2003.
It seems that the huge amount of display advertising has shrunk, meaning that newspapers have been forced to cut prices.