He’s denied it could be possible, but Craig Newmark is going to have to accept that his website, Craigslist, is indeed responsible for a 5 billion dollar loss experienced by newspapers.
He’s denied that it could be possible, but Craig Newmark is going to have to accept that his website, Craigslist, is indeed responsible for a 5 billion dollar loss experienced by newspapers.
A recent report confirmed that the free-to-post-just-about-anything site has taken a huge bite out of the newspaper classified ad business.
That doesn’t mean Craig’s killed newspapers, though.
In reference to the study conducted by professors from Harvard Business School and New York University’s Stern School of Business, one of the authors noted that it’s just another case of newspapers having to adapt.
Both radio and television shook up how papers approached advertising and revenue, and the Internet is simply new media.
Just how much adapting will they need to do to compete with a giant like Craigslist?
The classified site is available in 13 languages across 70 countries. Monthly page views are around 50 billion, and 60 million people in the US alone use it.
Newspapers have already begun to deal with the reality by dropping the prices of classified ads, and increasing subscription rates.
What do you think - how much of an impact has Craigslist had on the newspaper business?