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Aug 21, 2014

News Corp’s rivers of gold drying up

Once upon a time newspapers could almost print money off the back of classified advertising. But although classies still accounted for a large slice of News Corp's revenue in 2012-13, the rivers of gold are much shallower than they used to be.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

No matter the spin from News Corp Australia hacks and executives (in The Australian) about how things have improved since the end of the 2012-13 financial year, there was a lack of any figures advanced yesterday to support the argument. But one thing the spin can’t obscure is that News Corp Australia has been severely damaged by the impact of the internet.

For decades, one of the great stories of Australian media was the so-called “rivers of gold” that Fairfax controlled in its vast classified advertising columns in The Sydney Morning Herald, and then Melbourne’s The Age. And of equal notoriety were the attacks on those “rivers” by the Packer family and Rupert Murdoch, and how they chortled as Fairfax gradually lost control of those golden gushers thanks to greed and ambition, new competitors, Murdoch’s  purchase of The Daily Telegraph in Sydney, and finally the rise of the internet.

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3 comments

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3 thoughts on “News Corp’s rivers of gold drying up

  1. Sir Pajama Pudding of Lake Disappointment

    But one thing the spin can’t obscure is that News Corp Australia has been severely damaged by the impact of the internet”
    ———

    hence Rupert’s undisguised mission to derail the NBN.

  2. klewso

    Rivers of gold – becoming a trickling golden shower?

  3. Bill Hilliger

    News Corp’s rivers of gold drying up. Wonderful news for all Australians and Australian democracy.

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