The prophets of doom haven’t been right yet.
The prophets underestimated the success the New York Times and Wall Street Journal especially would have in attracting digital subscriptions. | Michael Brown/Getty Images’s senior media writer. He has written commentary about the media industry and politics for decades and was previously a columnist forIt was 30 years ago that novelist-filmmaker-physician Michael Crichton lowered his stethoscope to the chest of the media business and denounced it as dying, if not dead.
— nearly 10 percent of its staff — to correct for its unmet “overly optimistic” business projections. Yet, the heart still beats. Therise from a nadir of about $710 million in 2008 to $7 billion today, thanks to its success at selling digital subscriptions. The The Washington Post is losing money, but not the Wall Street Journal, and the industry as a whole is actually profitable. | Eric Baradat/AFP/Getty ImagesThat’s not to say extinction will be held off forever. The older the reader, the industry has come to learn, the greater the willingness to pay.
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