Winds of Creative Destruction

The Internet has dramatically changed the newspaper industry.  Rather than wait for the morning paper to check out sports scores, and then be disappointed that the paper does not contain the scores of late night west coast games, I go online and read ESPN.  For news, I rely on the Drudge Report, The New York Times, Pajamas Media, The Washington Post, blogs and many other sources.  Circulation is down, but readership is up.  Through the Internet search engines, I find information faster and in more depth than in the past.  For example, if you want a good description of the changing print media, you might try, Reflections of a Newsosaur--a blog.

Competition is up, circulation is down, but readership is up.  It is a dynamic industry, and many traditional newspapers are making the transition to the Internet.  Some are distressed.  According to Alan Mutter of Newsosour, operating earnings are falling as circulation and sales decline.  Great institutions like the New York Time's profits are down, the Tribune Co declared bankruptcy. 

I'm not distressed, nor are you.  The winds of creative destruction are bringing a better product at a lower price. Markets are cool.