|Chinese Media Sees Big Drop in Ad Revenues|
|by Tom McGregor||Mon, Mar 18, 2013, 02:21 AM|
BEIJING: China's State-owned media had experienced a major drop in advertising revenues last year. They are losing out to the competition, which is the 'new media.'
Forbes reports that, "new media is squeezing advertising in traditional newspapers in China, too."
Switching to online content among newspaper readers in the United States has shrunk profits of publishers of traditional newspapers, including the New York Times.
According to Forbes, "the same trend is affecting traditional newspaper publishers in Greater China too. Hong Kong-traded shares of Beijing Media, which sells advertising for the popular China Youth Daily and other Beijing-based media, lost 8% this morning after the company said on Friday net profit last year plunged 46% to 65 million yuan, or $10.5 million."
Revenue plunged 8.9% from a year earlier to 690 million yuan, as disclosed by a financial report published after the end of the Hong Kong Stock Exchange trading day on Friday.
To read the entire arti9cle from Forbes, link here:
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