July 17th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
The Honolulu advertiser announced that it will layoff 54 full and part-time employees. Many people believe that this is a result of the lagging economy and, thus, lower advertising revenues. I believe there may be some relation to these factors, however, the bigger culprit is a shift away from printed news sources toward internet-based models.
“As you know, the newspaper industry faces significant challenges right now,” Webber said in his note. “The Advertiser is not immune from them. Advertising revenues were already lagging behind for the media when the downturn in the local and national economies began to materialize. We must cut operating costs to reflect these conditions.”
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