1. 1  Print revenue from advertising and subscriptions still account for more than 65% of most all metro papers total revenue.  Newspapers have successfully raised home delivery prices and shifted some of the revenue burden away from their dependency on print advertising.  Newspaper print advertising CPM’s are 5–7x higher than digital advertising CPM’s. The Case for Print

2. 2  Print ad revenues have declined year ‐ over ‐ year for more than 30 consecutive quarters.  Total newspaper print circulation peaked in 1990 and has been declining ever since.  The print subscriber demographic profile skews very old. Problems with Print

3. 3  100 million people are accessing newspaper media on laptops and desktops.  127 million people are accessing newspaper media on smartphones and tablets.  The New York Times has almost 800,000 digital ‐ only subscribers.  Facebook generated almost $1.3 billion in mobile advertising revenues in 2013.  In November of 2013, Millennials clocked in at an average of 96 hours online – both desktop and mobile.  On December 25, 2013, there were 17.4 million digital device activations, far surpassing the 6.8 million activations on December 25, 2012.  Marc Andreessen says the News Business will grow by 1,000 percent. The Case for Digital

4. 4  Most metro papers have a digital ‐ only subscriber base that is less than 15% of their Sunday print subscriber base.  The supply of digital advertising impressions continues to expand aggressively putting downward pressure on digital advertising CPM’s.  The rise of programmatic buying/selling of digital advertising puts more downward pressure on digital advertising CPM’s. Problems with Digital

5. 5  Local news audiences don’t scale digitally. And that’s a problem because: -Take 40 million page views per month (TDMN monthly average) -Put two ad positions on every page -Achieve an annual 80% sell through rate at an average $8 CPM for all ad positions In one year you will generate a total of $7.6 million. (That’s less than 2% of TDMN’s total revenues.) Problems with Digital