2020-06-08 08:47:30 MediaRoom Other statements Submissions

“The loss of employment and the corresponding fall in media coverage of critical events is fundamentally driven by falling revenues, particularly in advertising. It is also driven by the shift towards online news and the ease with which news content is accessed through digital platforms.

In PwC’s Entertainment and Media Outlook 2019 report, print newspaper advertising for 2019 was projected to be $1.14 billion, down from $2.25 billion in 2014. It estimated to be $450 million in 2023. Digital newspaper advertising is growing, with $559 million booked for 2019 and growth to $629 million expected in 2021.

The total value of the Australian newspaper market now stands at $2.73 billion, down from $3.9 billion in 2014.

Against a background of falling revenues, Google and Facebook are boosting market share and income. Facebook’s Australian revenue was $674m in the year to December 2019. Google’s Australian revenue over the same period was $4.8 billion, $4.3 billion of which was from advertising. Both Google and Facebook’s ad revenues increased by 16 per cent in 2019. As the Digital Platforms Final Report observed with respect Australia’s online advertising industry, of every $A100 spent by advertisers (excluding classifieds), $47 goes to Google and $24 goes to Facebook.”