The print media industry is facing an uphill struggle with increasing competition from the internet and digital platforms. This can be seen by the fact that the revenue in the newspaper publishing industry has fallen from 33.59 billion U.S. dollars in 2011 to 30.47 billion dollars in 2016, and it is expected to continue falling in the coming years. Evidence of this struggling industry can also be seen in the fact that the number of employees has fallen from 256,800 in March 2010 to 183,200 in March 2016. The New York Times Company, a major player in this industry, has equally struggled in recent years, with its revenue more than halving in the ten years between 2006 and 2016.
Despite the magazine industry also struggling in this increasing digital age, it does not seem to be hit as hard as the newspaper industry. Although 35 magazines were closed in the United States in 2015, a further 113 were opened, suggesting that the industry is still experiencing some growth. The most common category of new magazine is arts and antiques, illustrating another resurgence in a traditional market. The number of magazine readers in the country has also been on the increase, with the number rising from 210.7 million in 2012 to 216.5 million in 2015. However, despite this growing user base, magazine sales have still suffered a similar fate to newspapers as retail sales in North America have fallen from 112.6 million units at the start of 2016 to 86.3 million units at the end of 2016.
One of the saving graces of this industry could be advertising, which never fails to generate revenue. Classifieds advertising, for example, which has been a mainstay of newspaper and magazine advertising for decades, still brings in well in excess of three billion U.S. dollars per year. This is nevertheless a fall from the five billion U.S. dollars of revenue it generated in 2010. It also seems that more and more advertisers are turning away from magazines, as seen by the fact that magazine advertising spending has dropped from 13.87 billion U.S. dollars in 2010 to 9.44 billion U.S. dollars in 2015, with further declines predicted in the future.
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