mUmBrella reports Murdoch’s Australian newspaper business is in free fall, dropping $350 million (15%!) in revenue since this time last year:
The extent of News Corp’s financial woes in Australia have been revealed for the first time in a filing to the Securities and Exchange Commission in the US. The filing reveals that the company saw its Australian newspaper revenues fall by $350m compared to the previous year, a fall of 15 per cent. It also wrote down the value of its Australian newspaper assets by $1.4bn.
It is clear for the first time that the company’s revenues have fallen far harder than rival publisher Fairfax Media, which had been perceived by many in the market as the media company in the worst trouble. In the same period, Fairfax’s metro and regional newspaper revenues went backwards by about $120m, about a third of the fall experienced by News Corp.
News blames competition from the Internet.
Bwah ha ha ha!
Could it be what they are offering the Australian public is not what they desire?
Could it be that climate change denial and wall-to-wall Andrew Bolt doesn’t sell papers?
It’s not the internet gobbling up readers – that is simply a “dog ate my homework” style excuse.
It is more simple than that.
The quality of content News Corp dishes up across all its mast heads is utter shite.
People are voting with their wallets.
The more reality and Murdoch are at odds, the less papers he sells
The two signature issues of the last decade have been the War in Iraq (and the non-existence of WMDs) and climate change.
On both of these issues Murdoch’s papers have been proven badly wrong.
There were no WMDs in Iraq – and thus no justification for war (which all News Corp papers strongly championed).
Oh, and climate change is very real.
Readers are increasingly aware of the disconnect between what Murdoch’s papers report and the actual facts. They no longer trust News Corp as reputable source of news.
As an avid consumer of information I don’t want my intelligence insulted.
But that is exactly how I feel every time I pick up one of Murdoch’s Australian papers. I need to take the intellectual equivalent of a cold shower in order to rid myself of the stench of disinformation.
I seek out quality journalism elsewhere. I happily subscribe to a variety of online services and journals. I’m willing to pay for quality content.
But News Corp does not offer the quality product I desire.
I’ll read the Australian Financial Review and The Economist - both centre-right leaning publications – because of the quality of reporting. I don’t just want to read material that affirms by world view and prejudices.
I’m very happy for a journalist or article to challenge my assumptions about the world or issues.
The only thing Murdoch’s papers deliver is his own thinly veiled prejudices dressed up as “facts”.
Lying and insulting my well-considered and sincere belief humanity needs to act on climate change?
No thanks Rupert, you can keep that content to yourself.
The real problem: Uncle Murdoch’s blatant use of his papers to push his agenda
The libertarian views of the ageing Murdoch so blatantly pushed across is media empire are turning readers away. The problem is Murdoch trying to bully us into sharing his world view via is papers.
The blatant partisan nature of reporting of Murdoch’s papers during the last election turned many away. And why wouldn’t they be turned off? Why wouldn’t they stop buying a sub-standard product?
Murdoch is like that cranky uncle that turns up at Christmas blithering on about how NASA faked the moon landing or how climate change is a leftist plot to take over the world.
Family members politely smile and nod for a few minutes, but then tune out. They quickly make excuses to disengage, seeking more pleasant company and decent conversation.
The public is spoiled for content and decent conversation, thus tuning out cranky old Uncle Rupert.