April 8, 2020 — The coronavirus crisis has forced publishers to move rapidly to reduce print-related costs and transition their business models to more digitally-dependent news and information platforms.
That’s one of the clearest conclusions from the results of a Cribb, Greene & Cope Coronavirus Survey of newspaper owners and publishers released today. Seventy-six newspaper executives from across the country participated in the survey.
The COVID-19 crisis is pushing newspaper executives to take unprecedented measures to ensure their sustainability and relevance in a post-pandemic world. Nearly 50% of the survey respondents are projecting ad revenue declines of 30% or more in the second quarter of this year.
“Best to make dramatic cuts now rather than slowly,” one survey respondent said. “Focus on digital-first and push everything through social media.”
Several advised colleagues to use the crisis as a time to strengthen relationships with advertisers…