Media is a tough business as today’s announcement by Fairfax of 550 job cuts shows. We have been insulated here in Australia from the challenges being experienced in media companies in the US and Europe. The Fairfax announcement will be sobering not only in publishing circles but in newsagencies too. It is a reminder that we need to seek balance in our newsagencies in terms of the categories of products from which we draw sales.
Hopefully it will be an eye opener for many newsagents! It should also be an opportunity to have the associations renegotiate terms, especially the foot print still required by newspaper media. Why do we continue to have newspapers front and centre when it is clear retail sales are falling sharply? For thise about to undertake a shopfit, it is a clear message that you need to diversify if you want to more than just a paper shop.
It was interesting to hear on ABC news last night the comment that newspapers would cease to exist within 10 years!
The editor of The Age, Andrew Jaspan, has been sacked – just announced this morning.