Just last week I read the FORTUNE magazine (Jan issue) interview with Google CEO Eric Schmidt and his sentiments on the newspaper industry, wishing he could rescue it, and declaring his passion and want for this industry to survive! In answer to the question: What if the newspaper industry does go down? said, “To me this presents a real tragedy in the sense that journalism is a central part of democracy…”
I was agreeing with his sentiments…
Then just yesterday, Spencer Spinnell, director of Google Print Ads, posted a blog that Google is discontinuing its print ad sales program for newspapers on Feb 28 – a program that includes no less than…800 U.S. newspapers!
Spinnell says Google will continue to devote a team of people to look at how they can help newspaper companies. That’s nice. Maybe open a museum?
“It is clear that the current Print Ads product is not the right solution, so we are freeing up those resources to try to come up with new and innovative online solutions that will have a meaningful impact for users, advertisers and publishers.”
Can you imagine a world with no more newspapers? I’m not sure that will happen. But I do see a trend here. I think this industry is going to shrink enormously in the next few years, especially if more companies like Google start pulling their advertising dollars. And I’m sure they will.