The past decade has been rough for print publishers around the world. As the rise of smartphones accelerated the trend towards online consumption of news and other forms of journalism at the expense of newspapers and magazines, advertisers gradually moved their budgets online as well, forcing many print publications out of existence.
According to a new forecast from GroupM, the worst may be yet to come for publishers in the United States. GroupM expects newspaper advertising revenue to be cut in half once more within the next five years, bringing the total to $5.5 billion, down from more than $25 billion in 2012.
Magazines are facing a similar fate with ad revenues expected to drop to $6.6 billion by 2024, down from $20.6 billion in 2012 and $12.1 billion this year.