Newspapers Lose Money Despite Billionaires' ownerships
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https://www.nytimes.com/2024/01/18/business/media/billionaires-news-media-owners.html
... Jeff Bezos, the founder of Amazon, bought The Washington Post in 2013 for about $250 million. Dr. Patrick Soon-Shiong, a biotechnology and start-up billionaire, purchased The Los Angeles Times in 2018 for $500 million. Marc Benioff, the founder of the software giant Salesforce, purchased Time magazine with his wife, Lynne, for $190 million in 2018.
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But it increasingly appears that the billionaires are struggling just like nearly everyone else. Time, The Washington Post and The Los Angeles Times all lost millions of dollars last year, people with knowledge of the companies’ finances have said, after considerable investment from their owners and intensive efforts to drum up new revenue streams.
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@Jolly said in Newspapers Lose Money Despite Billionaires' ownerships:
Give them time.
10 years ago I would have agreed with you but it appears to be the case that a few global brands are thriving while regional and local papers are suffering.
If you’re a left of center college grad in (say) Ft Wayne, IN, you’re far more likely to subscribe to the NYT than a local newspaper or the Chicago Tribune.
It’s something of a winner-take-most market now.
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The bad thing about the loss of the newspapers is that paper will get more and more of their news from a "silo". If you start reading articles, etc. that are more from the left (or right) side, search engines will start to recommend only those types of articles and you miss out on the other sides point of view.
