• by Ray Schultz , Columnist, December 17, 2023

Print remains the main circulation revenue source for publishers despite declining numbers and the growth of digital. But high price increases may account for some subscription falloff, judging by Unraveling US Newspapers' Digital and Print Subscriptions in the Context of Price, 2016–2022, a new academic study. 

Predictably, digital circulation surged during Covid 19. But the revenue failed to make up for the decline in print, according to authors Hsiang Iris Chyi, of the School of Journalism and Media, The University of Texas at Austin, and Sun Ho Jeong, from the Department of Mass Communication, Konkuk University, South Korea. 

This study analyzed the circulation and pricing data of 18 major newspapers before, during and after the pandemic.

The authors found that “digital circulation increased rapidly after the onset of Covid-19 but subsequently decreased after reaching the peak in Q3 2021.” 

Meanwhile, print circulation “continued its rapid decline since 2016, accompanied by continuous, substantial price hikes for print subscriptions—a typical print subscription now costs over $1,000 a year.”

Leading the game, “The Boston Globe charges $1,347/year for a print subscription while offering its “all digital access” package at $333 (already the highest digital price among all 18 papers).”

The Boston Globe lost 37,908 print subscribers from 2019 to 2022. The Los Angeles Times saw 80,722 subscribers depart during that period. 

Despite circulation declines, “the print edition remains the core product, with more subscribers paying far more than digital subscribers,” the authors write.

They continue, “Because of the immense price gap (6 to 1), the seemingly promising increase in digital subscriptions during Covid-19 could not generate nearly as much revenue to cover the loss on the print side, resulting in a substantial loss in total subscription revenue.”

Moreover, “despite these 18 newspapers gaining 290,780 digital subscribers during the pandemic, they lost 544,297 print subscribers, indicating that not everyone who discontinued the increasingly expensive print subscription turned to the same newspaper’s digital subscription despite a much lower price,” the authors add.