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.