Grim US newspaper ad revenue figures released

Total newspaper advertising revenue fell 16.6 percent in 2008 over the previous year to 37.8 billion dollars, according to NAA figures released on Thursday.

Print advertising revenue fell 17.7 percent to 34.7 billion dollars while online advertising revenue dropped 1.8 percent to 3.1 billion dollars.

Online advertising revenue had posted double-digit gains over the previous four years including a rise of 18.8 percent in 2007.

Classified advertising revenue continued to plunge last year, falling 29.7 percent to 9.97 billion dollars.

The US newspaper industry has been hit over the past few months by a wave of bankruptcies, job cuts and closures.

The 100-year-old Christian Science Monitor published its final daily print edition on Friday and two major dailies, the Rocky Mountain News of Denver, Colorado, and the Seattle Post-Intelligencer, have shut down in recent weeks.

Both the Monitor and the Post-Intelligencer plan to continue as Internet publications.

The New York Times and Washington Post announced another round of cost-cutting on Thursday

Among those recently declaring bankruptcy are Philadelphia Newspapers, owner of the Philadelphia Inquirer and the Philadelphia Daily News; the Tribune Co., owner of The Los Angeles Times, Chicago Tribune and six other dailies, and the Minneapolis Star Tribune.

(c) 2009 AFP