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Subtracting classified advertising, which was only a profit center for local newspapers for a limited time (between the birth of offset printing and the popularization of the Internet), the local newspaper's relative share of advertising has remained remarkably stable. The only factors working against local newspapers are: 1. irrational increases in subscription/cover price, which decrease market penetration, and 2. declining content, especially those less visible news offerings, such as obituaries and engagement/wedding notices and local sporting events, which are the mainstay of reader loyalty.

If newspaper publishers had the will to fix their newspapers, the advertising revenue would fix itself.