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Newspapers are losing the most ad dollars to the Internet, says a new report from Wachovia Equity Research. The declines are most alarming in newspapers’ traditional advertising strongholds. Newspapers got 24% of telecom advertisers’ spending in 2006, compared to 31.6% the year before. The percentage of auto advertising spent on newspapers fell by half in a single year, from 9.2% in 2005 to 4.6% in 2006.
Interestingly, television is actually benefiting from this budget flight, perhaps indicating that the increasing irrelevance of daily newspapers is an isolated phenomenon, rather than a result of competition from online media. While mainstream media in general continue to feel pressure from online competition, the problems facing newspapers appear to be uniquely daunting.
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