Gannett is a name almost synonymous with media. Gannett Co., Inc. began in 1906 and now operates in “38 states as well as the District of Columbia, Guan, the United Kingdom, Canada, Belgium and Germany” according to Gannett.com. As the industry changes, the changes that Gannett is undergoing are perfect examples of new trends in the media industry.
Gannett operates more than 100 newspapers and TV stations in the U.S., one of the most well known is USA Today and USAToday.com. Gannett also owns the Gannett Digital Media Network which includes such sites as USAToday.com and CareerBuilder.com.
Historically, Gannett started as a newspaper company. Founder Frank Gannett though “became a major innovator of technology in the newspaper industry” also according to Gannett.com. Today, Gannett owns 82 daily newspapers in the U.S., 17 dailies in the U.K., 6,500 non-daily publications internationally and 23 TV stations.
Last week, Gannett released its third quarter earnings results reporting a 37 percent increase. Broadcasting revenues increased 22.3 percent compared to last year according to the report. Digital operations also saw a 10.3 percent increase.
“But revenue from the company’s newspapers […] still accounts for 90 percent of Gannett’s total [revenue],” according to the New York Times, “and print ad revenue continued to drop.”
Gannett’s publishing operations revenues declined 4.8 percent from $1 billion in last year’s third quarter to $969.4 million this year as reported this month. Though declines have become smaller over the last few years, Gannett is still facing them.
This is a common trend as print media slowly becomes less significant. Advertising in newspapers and magazines is seen less as less people read them and therefore major advertising has been moving to other mediums.
Jennifer Saba, of Reuters, said Gannett’s report “dashed hopes that newspaper advertising revenue would stop falling and that growth might even return.” Though a re-growth in the print industry seems unlikely, the bigger picture here is that Gannett continues to grow and find new ways to serve the public.
Print media revenues may be declining, but the U.S.’s largest newspaper chain continues to find other ways to reach readers and viewers and these innovations will open doors for even new technology and benefits to the industry.