A new survey has found that the migration from print to online media is not expected to hit the Irish newspaper industry to the same extent as other countries such as the US.
The survey from PricewaterhouseCoopers says the global newspaper industry is in a 'state of turmoil' as advertising revenues plummet, broadband penetration increases and new technologies hit the marketplace.
However, the PwC survey adds that those in the industry who 'embrace the challenges of a changing marketplace will survive'. These firms will also gain market share from those who continued to rely on traditional business models.
It also points out that some newspaper markets are still growing. In India, both traditional print circulation and advertising revenue is seeing steady growth, while the Arab newspaper market is also showing steady growth figures.
'It is likely that Irish consumers will for the foreseeable future, continue to place a significant value on the commentary and opinion provided by the well-established newspapers,' commented Ann O'Connell, Entertainment and Media Practice at PwC Ireland. She said that Ireland had a 'deep-rooted traditional newspaper following'.
Today's survey says that newspaper closures are widespread in the UK with regional newspaper groups calling for a relaxation to the current competition laws relating to mergers. Radical changes are also being seen in the US, with some established brands like the Seattle-Post Intelligencer, switching their entire output to internet-only news sources.
Some 'bolder' newspaper groups are also working with other industries, such as telecom providers.
PwC points out that Irish newspaper sales are not declining to the same extent as in other parts of the world. However, Irish newspaper groups are facing a dramatic slowdown in advertising as a result of the recession and the ongoing migration of readers to online sources for their news and views.