Tampa Bay business owners are expected to spend $64 million on newspaper advertising in 2020. This will be 32% fewer dollars than were spent in 2019, according to a study by Borrell Associates, a company that analyzes local media expenditures across the country.
Of course, the pandemic is part of the reason advertising revenues have plummeted at Tampa Bay newspapers. But, the more significant factor is the sustained erosion of readership.
For example, between October 2017 and March 2019, the Monday-Saturday circulation of the Tampa Bay Times has decreased by 17%. The Sunday edition suffered an 18% decrease.
Among all advertising media available to small business owners, newspaper's ability to reach adult consumers now lags significantly behind Tampa radio, cable, broadcast TV, and social media.
Tampa Bay consumers' defection from local newspapers as a preferred source for local news is part of a national pattern.
The Pew Research Center, a nonpartisan fact tank that studies public opinion, finds that among Americans, television (49%), the internet (33%), radio (26%), and social media (20%) have all eclipsed newspapers (16%) as the go-to media for news.
Remarkably, Pew finds that a quarter of consumers are finding their news on YouTube.
"YouTube also has become an important source of news for many Americans. About a quarter of all U.S. adults (26%) say they get news on YouTube. And while relatively few of these people say it is their primary news source, most say it is an important way they stay informed," says Pew.
The consumers who still read Tampa Bay newspapers each week tend to be older and live in less affluent households, according to Nielsen.
Most importantly, Tampa Bay newspapers are not reaching the local consumers who are likely to be making significant purchases over the next 12 months.
Small business owners can easily reach the entirety of newspaper's remaining audience by advertising on other media outlets. For instance, every week, 87.6% of local newspaper readers are also reached by Tampa radio.
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