A new Pew study compares the coronavirus hits that the newspaper and TV news industries have taken.
Newspaper companies have been
hit especially hard by the coronavirus pandemic, Pew says.
Among the six publicly traded
newspaper companies studied — major chains that own over 300 daily papers —
advertising revenue fell by a median of 42% year over year (i.e., comparing the
second quarter of 2020 with the second quarter of 2019).
By contrast, total ad revenue
across the three major cable news networks was steady overall, but there were
sharp differences between the networks: While ad revenue for MSNBC and CNN
declined by double digits, Fox News Channel’s revenue rose by 41%.
Ad revenue for the five local
TV news companies studied (which together own or operate at least 600
individual stations) was also down in the second quarter of this year, but
increases in retransmission fees more than made up for this.
Meanwhile, ad revenue for
nightly network TV news at the three broadcast networks (ABC, CBS and NBC)
increased over the same period, as audiences have been turning to TV in record numbers for news
about the outbreak.
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