A very familiar story is unfolding beneath us.
Consumer behavior changed over the past 20 years, as audiences shifted from traditional media to digital media. The industry experienced massive growth in content production, consumption, and ad spend thanks to this shift, except that revenue for publishers did not grow at the same time. It fell. Massively.
A lot of publishers, or at least their revenue streams, “fell” through this gap on the jump from print to digital.