The media death spiral - Megan McArdle

The circulation figures for the top 25 dailies in the US are out, and they're horrifying. The median decline is well into the teens; only the Wall Street Journal gained (very slightly).

I think we're witnessing the end of the newspaper business, full stop, not the end of the newspaper business as we know it. The economics just aren't there. At some point, industries enter a death spiral: too few consumers raises their average costs, meaning they eventually have to pass price increases onto their customers. That drives more customers away. Rinse and repeat . . .