The future just got a bit cloudier for the newspaper industry.
A recent news release by Gannett, which owns USA Today and 81 other community newspapers, suggests that the newspaper industry will lose more than $1 billion in advertising revenue this year.
Poynter crunched the numbers on Tuesday, estimating that if advertising losses are already at 5.3 percent this year, the industry will ultimately bring in approximately $1.18 billion less in 2013 than it did in 2012.
The news release showed a 5.9 percent decrease overall in advertising revenues for Gannett this past year, falling from $552.7 million in the third quarter 2012 to $520.2 million in the third quarter 2013. Gannett attributed the loss to “secular pressures” and “tepid pace of economic growth,” as well as a lack of Summer Olympics advertising that was present during the same quarter last year. Read more at Huffington Post.