The World Press Trends annual report indicates newspaper circulation worldwide declined 0.9 per cent in 2012, largely due to advances (1.2%) in Asia that offset most of the losses in North America (6.6%), western Europe (5.3%) and eastern Europe (8.2%). Still, it meant more than 2.5 billion newspapers in print and half the world reading a daily newspaper, with more than $200 bilion in revenue. Moreover, when digital extensions of the paper are tallied, the content is reaching more people than ever, the report says. Advertising revenue declined 2% in the year (but 22% since 2008) and the report notes that 80% of classified advertising is now digital. The report indicates audience engagement is a key to future success.
Worldwide entertainment and media spending will continue to grow over the next five years to $2.2 trillion from $1.7 trillion, with digital and its associated consumption accounting for the most of the increases. The annual media and entertainment report from PriceWaterhouseCoopers says the rise of tablets and smartphones and the rapid growth in India, China and Brazil as vibrant media markets will lead the growth. The Los Angeles Times reports digital media will account for 43% of all media spending in the U.S. will be in digital by 2017, up from 31% in 2012.
The future of news is necessarily small. That's the view of Harvard Business School's Nicco Mele. Writing for the Nieman Reports, he says scale is elusive in the new business models and it isn't clear yet how investigative journalism will be financed in the new era. He suggests new players --- academia, entertainment firms, even industry associations --- might be keys to the financial puzzle.