Future of LI Media: Uncertain Forecast

February 6, 2009 by  

As I sat in on the Press Club of Long Island’s forum on the Future of Long Island Media at Newsday on Thursday night, it became obvious that the esteemed panel — and the companies they represent — were still grappling for answers on how to weather the current storm.

Newsday Publisher Tim Knight hinted the age of free Internet may be over. It’s a topic several newspaper publishers have openly discussed in recent months as papers continue to lose revenue to big search firms such as Google and niche products such as Career Builder.com and Cars.com. The struggling economy has only heightened the media industry’s troubles as fewer companies advertise.

“I have a family,” Knight said. “I have to find a way to make this work. This is hand-to-hand combat for every advertising dollar. It’s being really smart about what news you put out there. It is a much more challenging business.”

Ad dollars aside, several panelists concluded the current media model may well be broken, a sentiment echoed by Long Island Press publisher Jed Morey. “Our thing is broken and people don’t want to pay for it anymore and we have to figure that out.”

While Newsday isn’t going away any time soon, not every business will survive. The free weekly Long Island Press comes to mind. It’s a sobering thought for anyone in the media business. Check out the Press Club of Long Island for more on this topic.

Blog originally posted at LI Entrepreneurs.com


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