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| Author: | Michael Massing |
|---|
September 24, 2009
While the financial prospects of the American news business continues to look grim, statistics show interest in news has "rarely been greater." In this New York Review of Books article, Michael Massing tackles the paradox and why it's occuring. Massing also provides insight into how the news industry can benefit from its new and evolving structure.
The American news business today finds itself trapped in a grim paradox. Financially, its prospects have never seemed bleaker. By some measures, the first quarter of 2009 was the worst ever for newspapers, with sales plunging $2.6 billion. Last year, circulation dropped on average by 4.6 percent on weekdays and 4.8 percent on Sundays. Earlier this year, Detroit's two daily papers reduced home delivery to three days a week, the Seattle Post-Intelligencer ended its print edition, and the Rocky Mountain News shut down altogether. This summer, The Boston Globe, which is losing more than $50 million a year, survived only by giving in to the draconian cutbacks demanded by its owner, the New York Times Company, while the Times itself, weighed down by the Globe, had to take out a $250 million loan from Carlos Slim Helú, Mexico's richest man, at a junk-bond-level interest rate of 14 percent a year.
Yet amid all this gloom, statistics from the Internet suggest that interest in news has rarely been greater. According to one survey, Internet users in 2008 spent fifty-three minutes a week reading newspapers online, up from forty-one minutes in 2007. And the traffic at the top fifty news Web sites increased by 27 percent. While this growth cut across all age groups, the Pew Project for Excellence in Journalism found, "it was fueled in particular by young people." The MTV generation, known for its indifference to news, has given way to the Obama generation, which craves it, and for an industry long reconciled to the idea of its customers dying off, the reengagement of America's young offers a rare ray of hope.
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Start-Up Nation addresses the trillion-dollar question: How is it that Israel—a country of 7.1 million, only sixty years old, surrounded by enemies— produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada, and the UK? With the insights of geopolitical experts and investors, the authors examine this nation’s adversity-driven culture to answer this question and offer prescriptions for a global economy on the rebound.
In Forces of Fortune, Vali Nasr presents a paradigm-changing revelation that will transform the understanding of the Muslim world at large. He reveals that there is a vital but unseen rising force in the Islamic world—a new business-minded middle class—that is building a vibrant new Muslim world economy and that holds the key to winning the cold war against Iran and extremists.
In Cuba: What Everyone Needs to Know, Julia E. Sweig presents a remarkably accessible portrait of Cuba's unique place on the world stage over the past fifty years, including its internal politics, its often fraught relationship with the United States, and its shifting relationship with the global community.
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