So, when he pronounces something difficult, it is worth paying attention. In his latest post, Mutter notes the U.S. newspaper business has lost nearly half its revenue since 2005. While some of it will return when the economy improves, quite a lot of it won't.
What Mutter lays out is the argument that pieces of the newspaper revenue are simply gone --- the want-ad business, elements of retail and automotive advertising, and some readership revenue with declines in circulation. Classifieds will be down 65% from 2005, national advertising down 45%, retail 33%. Add it up, he argues, and the industry isn't going to be itself again.
"It is difficult to think of another industry that fell so far so fast and ever regained its former vigor," he writes. "If someone knows of any examples, please let me know."