Publishers: Where Do We Go From Here?

Whether or not we’re actually ready, America is reopening. The process to return to “normal” will be uneven and gradual across the country in the coming days, weeks and months. And regrettably, we are no more certain today than we were six weeks ago about what recovery will actually look like. The impact on our economy from this pandemic is still yet to be fully realized, and it may take a generation to fully articulate. During the first quarter of the year our national GDP fell nearly 5%—the most since 2008. Worse, Q2’s GDP is forecasted to be down between 30-40%, which is not only unthinkable, but would also be a historical record in the U.S. As of this morning, 30 million Americans had filed for unemployment, either because they were laid off or furloughed. Realistically, that number hasn’t quite peaked. And sadly, many of the jobs lost or put on hold may not come back, at least not for a good while. Publishing has been hit hard, surely not as hard as some industries, but times are tough just the same. Anyone that wanted to read this story already knew that. I don’t need to recap who the victims are, but our industry has all the problematic symptoms of this downturn—pay cuts, furloughs, layoffs and shutdowns. Ad spending is drying up. The events business is ravaged beyond comprehension. Retailers are unable to open, thus unable to sell magazines, books and newspapers. It’s an economic horror story caused by microscopic genetic RNA material, also known as the COVID-19... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-04-30 16:26:17 UTC ]
News tagged with: #scary thing #human capital #bottom lines #critically important #digital publishing

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