At least that's the conclusion from Business Insider. We agree.
By the end of this month, The New York Times Company, which owns the newspaper of the same name and several peripheral media properties, will have a staff less than one quarter in size of the one it employed in 2002 ... according to the New York Times.
As print newspaper readers have flocked to the internet over the past decade and change, the Times Company has been forced to sell off its holdings in other newspapers like The Boston Globe and web properties like about.com.
In order to boost digital revenues and make up the more than $1 billion in annual advertising revenues the Times Company has lost since 2002, the Grey Lady is investing in online video.
The move comes at a time when online publishing platforms are racing to grab their portions of the video advertising dollars that once went to television. According to a study released in August by the Interactive Advertising Bureau, 75% of U.S. senior executives think they will shift portions of the advertising money they once spent on television to digital video.
The fight over this shifting slice of the pie is being contested not only by traditional publishers,but by social media networks like Twitter and Facebook. While the New York Times has just a fraction of the audience held by these competitors (web traffic analytics firm Quantcast has Facebook at 140 million unique monthly visitors to the Times' 19 million), the Times' unique brand as the U.S. paper of record could help it appeal to luxury advertisers seeking an older, wealthier audience.
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