A few weeks ago, I wrote about a conversation I had with a former client about the slow and accelerating deterioration of the revenue models around traditional media. The boys and girls at McKinsey came up with this snazzy infographic to document patterns in spending.
Courtesy of: Visual Capitalist
The following summary of the situation around legacy revenues is better than anything I could have written, yet it succinctly addresses why deterioration will continue:
“Why has legacy media been so slow to adopt change? Why don’t they just lay off half of their staff, ditch print operations, and start from scratch? It’s because their major revenue sources are as slow at adopting as they are. In 2015, there was only one age demographic with more than half of its constituents reading a daily newspaper, and that was “65 years old and up.””
Look at what’s happening to Gannett, Tegna,