Google CEO Eric Schmidt on the plight of newspapers:
“They don’t have a problem of demand for their product, the news. People love the news. They love reading, discussing it, adding to it, annotating it. The Internet has made the news more accessible. There’s a problem with advertising, classifieds and the cost itself of a newspaper: physical printing, delivery and so on. And so the business model gets squeezed.”
And what if the newspaper industry does go down?
“To me this presents a real tragedy in the sense that journalism is a central part of democracy. And if it can’t be funded because of these business problems, then that’s a real loss in terms of voices and diversity. And I don’t think bloggers make up the difference. The historic model of investigative journalists in any industry is something that is very fundamental. So the question is, what can you do about this? And a fair statement is, we’re still looking for the right answer.”
We’d be in deep doo doo if we had to rely on bloggers from the news. I wish we could get a tax credit for contributions to news organizations. A much better use of my money than funding campaigns.