When dailies die, who will print their obit?

As a recent subscriber to The Wall Street Journal, I closely follow the economic turmoil across the country – especially in the newspaper industry. Daily newspapers have ceased publication in Denver and Seattle. The Boston Globe and San Francisco Chronicle are threatening to close while losses mount at New York Times and Gannett newspapers across the country.

The reason given for the economic turmoil in the daily newspaper business is the eroding advertising base caused by the economy.

However, the biggest threat to daily newspapers may be their relevancy.

In today’s information age, daily newspaper readers are increasingly reading yesterday’s news … yesterday. Instant messaging and the proliferation of the Internet provide news junkies with real-time news coverage, and 24-hour cable-television news channels have all but eliminated the demand for national news in local newspapers. What remains is a daily rap-sheet of passed events – something consumers are increasing considering not worth their time.

With many dailies charging over $100 a year in subscription fees, it is no wonder cancellations are pouring in. Declining circulation means declining advertising revenue, resulting in a greater impact from a soft economy.

So, what is the future of the newspaper industry?

Barney Kilgore, managing editor of The Wall Street Journal from 1941 until his death in 1967, predicted the future of daily newspapers more than 50 years ago. He took the Journal from 33,000 subscribers to over 1.1 million at a time that technology threatened the New York-based daily.

The Journal was founded in 1889 as a lead provider of market news and stock prices. The proliferation of radio in the 1930s changed that, as real-time stock quotes were suddenly available.

The Journal lost half of its subscribers before Kilgore took the helm.

The new editor developed the philosophy of reporting the story behind the news, claiming that readers were more interested in what will happen tomorrow than what happened yesterday.

According to a new Kilgor biography written by former Journal executive Richard Tofel, this philosophy was first put to test the day after the Japanese attacked Pearl Harbor. While other newspapers reported on the attack that occurred the previous day, the Journal led with “War with Japan means industrial revolution in the United States.”

The story reported on the financial implications of the attack and its affects on the market.

In a memo described in Tofel’s book, Kilgore claims readers value their time and dailies should print one-section papers Monday through Saturday with large Sunday editions. The legendary editor was ahead of his time, as his philosophy is suddenly growing across the country with the advent of new weekly newspapers.

While daily newspapers lose circulation, statistics from the National Newspaper Association show weekly newspapers growing.

The philosophy at the Tri-Parish Times mirrors that of Kilgore. We embrace the proliferation of the Internet while continuing to grow with insight into how the news affects us.

It is a philosophy that continues to be successful for The Wall Street Journal, and one first developed over 50-years ago by a visionary editor.

When daily newspapers die, who will print their obituaries? The answer will likely be … weeklies.