Newspapers, e-Readers and Billionaire Doomsayers…Oh My
by dpr on May.06, 2009, under Uncategorized
by Vera H-C Chan
Billionaire investor Sam Zell said he “made a mistake” buying the Tribune Co. and that the “future of the newspaper industry is at risk today.” Sumner Redstone, a broadcast billionaire whose father sold papers in Boston, said that while he would never die, newspapers would. Warren Buffett, who aired his doubts about the newspaper industry back in 1992, confirmed lately that his holding company wouldn’t invest in the foolscap biz “at any price.”
As if the litter of dead or wounded newspapers weren’t enough, the stinging dismissal from the billionaire boys’ club is wounding indeed. The only thing missing is Donald Trump claiming his hair would outlast newspapers and be a source of renewable energy to boot.
Of course, they’re not attacking the message so much as the anachronistic medium: Plenty of eyeballs still read the news, but there hasn’t been a good way to figure out how to keep the news going without starving journalists. There have been no shortage of answers (or failed solutions). Now, a bigger, buffer Kindle DX from Amazon ($489 retail, summer release) has spurred hopeful speculation that this will be the really cool device to encourage people to read (and pay) for information.
That school of thought is sort of equivalent to the iPod-as-savior model…although the music industry’s not doing that well. Blogs like ReadWriteWeb and Crunch Gear have shot down the Kindle-as-newspaper-platform model almost as fast as traditional media can float the idea. And indeed, the New York Times threw out the proposal of Amazon as “electronic life preserver to old-media companies,” only to trample it the very next day. Of course, the NYT company almost closed down a major newspaper itself, which just encourages not-so-idle billionaire chatter.
The Kindle, still without color or video, might have to find a savior itself. Wired reports not one but two threats: Plastic Logic’s lightweight, letter-sized touchscreen sheet due out in 2010 and, even worse, rumors of Apple building a tablet-sized iPhone. So far, infamous technophobes Redstone and Buffett haven’t spoken on that topic yet. But they probably know—they read newspapers every day.
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