The Pew Project for Excellence in Journalism generated gasps when it reported that newspapers are losing $7 in print advertising for every $1 of digital revenue that they gain. But the situation is even worse. In fact, publishers since 2005 have lost $26.7 billion in print advertising revenues while gaining only $1.2 billion in new digital revenue. Thus, the true ratio of print loss to digital gain is 22 to 1, not the 7 to 1 reported by Pew in March.
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