Heralding another milestone, or perhaps death nail, in the newspaper business, the Wall Street Journal reports that the Internet is set to overtake newspapers as the second-largest U.S. advertising medium by revenue behind television.
According to the report, which is based on PricewaterhouseCoopers' Global Entertainment and Media Outlook for 2010 to 2014, newspapers are feeling the effects of the continuing decline in advertising revenue.
“According to numbers released by the Newspaper Association of America earlier this year, print advertising revenue dropped 28.6% in 2009 to $24.82 billion. The PwC report estimates that print advertising in newspapers will hit $22.3 billion by 2014.”
The report cites shifts in consumer behavior and increased broadband penetration as key factors in PwC's projections.