Digital Opportunities for Local Journalism: A Panel Data Analysis on the Economic Performance of Online-Only vs. Print Newspapers

References

• Ahmad, R. 2016. “A Study of Relationship between Liquidity and Profitability of Standard Charterd Bank Pakistan: Analysis of Financial Statement Approach.” Global Journal of Management and Business Research 26 (1): 77–82.
   Google Scholar
• AIMC. 2021. Estudio General de Medios. Asociación para la Investigación de Medios de Comunicación.
   Google Scholar
• Ali, C., T. R. Schmidt, D. Radcliffe, and R. Donald. 2019. “The Digital Life of Small Market Newspapers: Results from a Multi-Method Study.” Digital Journalism 7 (7): 886–909. https://doi.org/10.1080/21670811.2018.1513810
   Web of Science ®Google Scholar
• Almirón, N, and A. I. Segovia. 2012. Financialization, Economic Crisis, and Corporate Strategies in Top Media Companies: The Case of Grupo Prisa. International Journal of Communication 6: 2894–2917. http://ijoc.org/index.php/ijoc/article/view/1793/829
   Web of Science ®Google Scholar
• Arellano, M, and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” The Review of Economic Studies 58 (2): 277–297. https://doi.org/10.2307/2297968
   Web of Science ®Google Scholar
• Arrese, Ángel. 2016. “From Gratis to Paywalls. A Brief History of a Retro-Innovation in the Press’s Business.” Journalism Studies 17 (8): 1051–1067. https://doi.org/10.1080/1461670X.2015.1027788
   Web of Science ®Google Scholar
• Artero, J. P., and A. Sánchez-Tabernero. 2015. “Media and Telecommunications Concentration in Spain (1984–2012).” European Journal of Communication 30 (3): 319–336. https://doi.org/10.1177/0267323115577307
   Web of Science ®Google Scholar
• Baltagi, B. H. 2008. Econometric Analysis of Panel Data. Chichester: John Wiley & Sons.
   Google Scholar
• Björkroth, T, and M. Grönlund. 2018. “Competitive Pressure and Profitability of Newspaper Publishing in 12 European Countries.” Journal of Media Business Studies 15 (4): 254–277. https://doi.org/10.1080/16522354.2018.1527623
   Web of Science ®Google Scholar
• Busterna, J. C. 1988. “Concentration and the Industrial Organisation Model.” In Press Concentration and Monopoly. New Perspectives on Newspaper Ownership and Operation, edited by R. G. Picard, J. P. Winter, M. McCombs, and S. Lacy, 5–54. Norwood: Ablex Publishing.
   Google Scholar
• Casero-Ripollés, A. 2012. “Beyond Newspapers: News Consumption among Young People in the Digital Era.” Comunicar 20 (39): 151–158. https://doi.org/10.3916/C39-2012-03-05
   Web of Science ®Google Scholar
• Casero-Ripollés, A, and J. Izquierdo-Castillo. 2013. “Between Decline and a New Online Business Model: The Case of the Spanish Newspaper Industry.” Journal of Media Business Studies 10 (1): 63–78. https://doi.org/10.1080/16522354.2013.11073560
   Google Scholar
• Cawley, A. 2017. “Johnston Press and the Crisis in Ireland’s Local Newspaper Industry, 2005–2014.” Journalism 18 (9): 1163–1183. https://doi.org/10.1177/1464884916648092
   Web of Science ®Google Scholar
• Cawley, A. 2019. “Digital Transitions: The Evolving Corporate Frameworks of Legacy Newspaper Publishers.” Journalism Studies 20 (7): 1028–1049. https://doi.org/10.1080/1461670X.2018.1481348
   Web of Science ®Google Scholar
• Cook, C, and E. Sirkkunen. 2013. “What’s in a Niche? Exploring the Business Model of Online Journalism.” Journal of Media Business Studies 10 (4): 63–82. https://doi.org/10.1080/16522354.2013.11073576
   Google Scholar
• Cornia, A., A. Sehl, and R. K. Nielsen. 2016. Private Sector Media and Digital News. Oxford: Reuters Institute for the Study of Journalism. https://reutersinstitute.politics.ox.ac.uk/our-research/private-sector-media-and-digital-news
   Google Scholar
• Cronqvist, H, and R. Fahlenbrach. 2013. “CEO Contract Design: How do Strong Principals do it?” Journal of Financial Economics 108 (3): 659–674. https://doi.org/10.1016/j.jfineco.2013.01.013
   Web of Science ®Google Scholar
• De Mateo, R., L. Bergés, and A. Garnatxe. 2010. “Crisis, What Crisis? The Media, Business and Journalism in Times of Crisis.” tripleC 8 (2): 251–274. https://doi.org/10.31269/triplec.v8i2.212
   Google Scholar
• Dekavalla, M. 2015. “The Scottish Newspaper Industry in the Digital Era.” Media, Culture & Society 37 (1): 107–114. https://doi.org/10.1177/0163443714553565
   Web of Science ®Google Scholar
• Díaz-Fernández, M. C., M. R. González-Rodríguez, and B. Paddison. 2015. “Exploring the Antecedents of Firm Performance in a Latin-American and European Diverse Industrial Context.” Academia Revista Latinoamericana de Administración 28 (4): 502–522. https://doi.org/10.1108/ARLA-02-2015-0037
   Web of Science ®Google Scholar
• Doyle, G. 2002. Understanding Media Economics. London: Sage.
   Google Scholar
• Doyle, G. 2013. “Re-Invention and Survival: Newspapers in the Era of Digital Multiplatform Delivery.” Journal of Media Business Studies 10 (4): 1–20. https://doi.org/10.1080/16522354.2013.11073569
   Google Scholar
• Edge, M. 2014. “Newspapers’ Annual Reports Show Chains Profitable.” Newspaper Research Journal 35 (4): 66–82. https://doi.org/10.1177/073953291403500406
   Google Scholar
• Edge, M. 2019. “Are UK Newspapers Really Dying? A Financial Analysis of Newspaper Publishing Companies.” Journal of Media Business Studies 16 (1): 19–39. https://doi.org/10.1080/16522354.2018.1555686
   Web of Science ®Google Scholar
• Evans, D. S. 2003. “Some Empirical Aspects of Multi-Sided Platform Industries.” Review of Network Economics 2 (3): 191–209. https://doi.org/10.2202/1446-9022.1026
   Google Scholar
• Evans, D. S. 2009. “The Online Advertising Industry: Economics, Evolution, and Privacy.” Journal of Economic Perspectives 23 (3): 37–60. https://doi.org/10.1257/jep.23.3.37
   Web of Science ®Google Scholar
• Evens, T. 2018. “Media Economics and Transformation in a Digital Europe.” In Comparative Media Policy, Regulation and Governance in Europe. Unpacking the Policy Cycle, edited by L. d’Haenens, L. Sousa, and J. Trappel, 41–54. Bristol: Intellect.
   Google Scholar
• Ferrier, M., G. Sinha, and M. Outrich. 2016. “Media Deserts: Monitoring the Changing Media Ecosystem.” In The Communication Crisis in America, and How to Fix It, edited by M. Lloyd and L. A. Friedland, 215–232. New York, NY: Palgrave Macmillan. https://doi.org/10.1057/978-1-349-94925-0_14
   Google Scholar
• Franklin, B. 2014. “The Future of Journalism: In an Age of Digital Media and Economic Uncertainty.” Journalism Studies 15 (5): 481–499. https://doi.org/10.1080/1461670X.2014.930254
   Web of Science ®Google Scholar
• Goyanes, M. 2015. “The Value of Proximity: Examining The Willingness to Pay for Online Local News.” International Journal of Communication 9: 1505–1522. https://ijoc.org/index.php/ijoc/article/view/3388
   Web of Science ®Google Scholar
• Grönlund, M, and T. Björkroth. 2011. “Newspaper Market Concentration, Competitive Pressure and Financial Performance: The Case of Finland.” Journal of Media Business Studies 8 (3): 19–50. https://doi.org/10.1080/16522354.2011.11073525
   Google Scholar
• Grueskin, B., A. Seave, and L. Graves. 2011. The Story so Far: What we Know about the Business of Digital Journalism. New York, NY: Columbia Journalism School, Tow Center for Digital Journalism.
   Google Scholar
• Hair, J. F., R. E. Anderson, R. L. Tatham, and W. C. Black. 1998. Multivariate Analysis. 4th ed. Englewood: Prentice Hall International.
   Google Scholar
• Hallin, D. C, and P. Mancini. 2004. Comparing Media Systems: Three Models of Media and Politics. Cambridge: Cambridge University Press.
   Google Scholar
• Hess, K. 2013. “Breaking Boundaries. Recasting the ‘Local’ Newspaper as ‘Geo-Social’ News in a Digital Landscape.” Digital Journalism 1 (1): 48–63. https://doi.org/10.1080/21670811.2012.714933
   Web of Science ®Google Scholar
• Hirsch, S. 2018. “Successful in the Long Run: A Meta-Regression Analysis of Persistent Firm Profits.” Journal of Economic Surveys 32 (1): 23–49. https://doi.org/10.1111/joes.12188
   Web of Science ®Google Scholar
• Jenkins, J, and R. K. Nielsen. 2020. “Preservation and Evolution: Local Newspapers as Ambidextrous Organizations.” Journalism 21 (4): 472–488. https://doi.org/10.1177/1464884919886421
   Web of Science ®Google Scholar
• Kind, H. J., T. Nilssen, and L. Sørgard. 2009. “Business Models for Media Firms: Does Competition Matter for How They Raise Revenue?” Marketing Science 28 (6): 1112–1128. https://doi.org/10.1287/mksc.1090.0514
   Web of Science ®Google Scholar
• Krumsvik, A. H. 2012. “Why Old Media Will be Funding Journalism in the Future.” Journalism Studies 13 (5–6): 729–741. https://doi.org/10.1080/1461670X.2012.664331
   Web of Science ®Google Scholar
• Lambrecht, A., A. Goldfarb, A. Bonatti, A. Ghose, D. G. Goldstein, R. Lewis, A. Rao, N. Sahni, and S. Yao. 2014. “How do Firms Make Money Selling Digital Goods Online?” Marketing Letters 25 (3): 331–341. https://doi.org/10.1007/s11002-014-9310-5
   Web of Science ®Google Scholar
• Lischka, J., S. Kienzler, and U. Mellmann. 2014. “Sales Drive Advertising Expenditures: Evidence for Consumer Packaged and Durable Goods in Germany.” International Journal of Marketing Studies 6 (1): 31–44. https://doi.org/10.5539/ijms.v6n1p31
   Google Scholar
• McChesney, R. W. 2014. “Be Realistic, Demand the Impossible: Three Radically Democratic Internet Policies.” Critical Studies in Media Communication 31 (2): 92–99. https://doi.org/10.1080/15295036.2014.913806
   Web of Science ®Google Scholar
• Mergaerts, F, and R. Vander Vennet. 2016. “Business Models and Bank Performance: A Long-Term Perspective.” Journal of Financial Stability 22: 57–75. https://doi.org/10.1016/j.jfs.2015.12.002
   Web of Science ®Google Scholar
• Mutter, A. 2009. Mission Possible? Charging for Web Content. Reflections of a Newsosaur, February 8. http://newsosaur.blogspot.com/2009/02/mission-possible-charging-for-content.html
   Google Scholar
• Myllylahti, M. 2014. “Newspaper Paywalls—The Hype and the Reality: A Study of How Paid News Content Impacts on Media Corporation Revenues.” Digital Journalism 2 (2): 179–194. https://doi.org/10.1080/21670811.2013.813214
   Web of Science ®Google Scholar
• Myllylahti, M. 2020. “Paying Attention to Attention: A Conceptual Framework for Studying News Reader Revenue Models Related to Platforms.” Digital Journalism 8 (5): 567–575. https://doi.org/10.1080/21670811.2019.1691926
   Web of Science ®Google Scholar
• Myllylahti, M. 2021. “It’s a Dalliance! A Glance to the First Decade of the Digital Reader Revenue Market and How the Google’s and Facebook’s Payments Are Starting to Shape It.” Digital Journalism, Online first: 1–19. https://doi.org/10.1080/21670811.2021.1965487
   Web of Science ®Google Scholar
• Napoli, P. M. 2010. Audience Evolution: New Technologies and the Transformation of Media Audiences. New York, NY: Columbia University Press.
   Google Scholar
• Negredo, S., M.-P. Martínez-Costa, J. Breiner, and R. Salaverría. 2020. “Journalism Expands in spite of the Crisis: Digital-Native News Media in Spain.” Media and Communication 8 (2): 73–85. https://doi.org/10.17645/mac.v8i2.2738
   Web of Science ®Google Scholar
• Negreira-Rey, M.-C., X. López-García, and J. Vázquez-Herrero. 2020. “Mapa y Características de Los Cibermedios Locales e Hiperlocales en España.” Revista de Comunicación 19 (2): 193–214.
   Google Scholar
• Nielsen, R. K, and D. A. Levy. 2010. “The Changing Business of Journalism and Its Implications for Democracy.” In The Changing Business of Journalism and Its Implications for Democracy, edited by D. A. Levy and R. K. Nielsen, 3–15. Oxford: Reuters Institute for the Study of Journalism.
   Google Scholar
• Nielsen, R. K, and I. B. Tauris. 2015. “Local Newspapers as Keystone Media: The Increased Importance of Diminished Newspapers for Local Political Information Environments.” In Local Journalism: The Decline of Newspapers and the Rise of Digital Media, edited by R. K. Nielsen, 51–72. London - New York: I.B. Tauris.
   Google Scholar
• Picard, R. G. 2001. “Effects of Recessions on Advertising Expenditures: An Exploratory Study of Economic Downturns in Nine Developed Nations.” Journal of Media Economics 14 (1): 1–14. https://doi.org/10.1207/S15327736ME1401_01
   Web of Science ®Google Scholar
• Picard, R. G. 2008. “Shifts in Newspaper Advertising Expenditures and Their Implications for the Future of Newspapers.” Journalism Studies 9 (5): 704–716. https://doi.org/10.1080/14616700802207649
   Web of Science ®Google Scholar
• Picard, R. G. 2015. “Economics of Print Media.” In Handbook on the Economics of the Media, edited by R. G. Picard and S. S. Wildman, 151–164. Cheltenham: Edward Elgar Publishing.
   Google Scholar
• Picard, R. G. 2009. Why Journalists Deserve Low Pay. Oxford: Reuters Institute for the Study of Journalism. https://reutersinstitute.politics.ox.ac.uk/news/why-journalists-deserve-low-pay
   Google Scholar
• Porter, M. E. 1979. “The Structure within Industries and Companies’ Performance.” The Review of Economics and Statistics 61 (2): 214–227. https://doi.org/10.2307/1924589
   Web of Science ®Google Scholar
• Schmitz Weiss, A. 2020. “Journalists and Their Perceptions of Location: Making Meaning in the Community.” Journalism Studies 21 (3): 352–369. https://doi.org/10.1080/1461670X.2019.1664315
   Web of Science ®Google Scholar
• Schulhofer-Wohl, S, and M. Garrido. 2013. “Do Newspapers Matter? Short-Run and Long-Run Evidence From the Closure of ‘The Cincinnati Post’.” Journal of Media Economics 26 (2): 60–81. https://doi.org/10.1080/08997764.2013.785553
   Web of Science ®Google Scholar
• Siles, I, and P. J. Boczkowski. 2012. “Making Sense of the Newspaper Crisis: A Critical Assessment of Existing Research and an Agenda for Future Work.” New Media & Society 14 (8): 1375–1394. https://doi.org/10.1177/1461444812455148
   Web of Science ®Google Scholar
• Sjøvaag, H. 2014. “Homogenisation or Differentiation? The Effects of Consolidation in the Regional Newspaper Market.” Journalism Studies 15 (5): 511–521. https://doi.org/10.1080/1461670X.2014.885275
   Web of Science ®Google Scholar
• Sjøvaag, H. 2016. “Introducing the Paywall. A Case Study of Content Changes in Three Online Newspapers.” Journalism Practice 10 (3): 304–322. https://doi.org/10.1080/17512786.2015.1017595
   Web of Science ®Google Scholar
• Skogerbø, E, and M. Winsvold. 2011. “Audiences on the Move? Use and Assessment of Local Print and Online Newspapers.” European Journal of Communication 26 (3): 214–229. https://doi.org/10.1177/0267323111413112
   Web of Science ®Google Scholar
• Soloski, J. 2013. “Collapse of the US Newspaper Industry: Goodwill, Leverage and Bankruptcy.” Journalism 14 (3): 309–329. https://doi.org/10.1177/1464884912472016
   Web of Science ®Google Scholar
• Soloski, J. 2019. “The Murky Ownership of the Journalistic Enterprise.” Journalism 20 (1): 159–162. https://doi.org/10.1177/1464884918809250
   Web of Science ®Google Scholar
• Starr, P. 2012. “An Unexpected Crisis: The News Media in Postindustrial Democracies.” The International Journal of Press/Politics 17 (2): 234–242. https://doi.org/10.1177/1940161211434422
   Web of Science ®Google Scholar
• Van der Burg, M, and H. Van den Bulck. 2017. “Why Are Traditional Newspaper Publishers Still Surviving in the Digital Era? The Impact of Long-Term Trends on the Flemish Newspaper Industry’s Financing, 1990–2014.” Journal of Media Business Studies 14 (2): 82–115. https://doi.org/10.1080/16522354.2017.1290024
   Web of Science ®Google Scholar
• Van der Wurff, R., P. Bakker, and R. G. Picard. 2008. “Economic Growth and Advertising Expenditures in Different Countries.” Journal of Media Economics 21 (1): 28–52. https://doi.org/10.1080/08997760701806827
   Web of Science ®Google Scholar
• van Dijk, Bureau. 2017. SABI database. https://help.bvdinfo.com/mergedProjects/122_ES/Home.htm
   Google Scholar
• van Kerkhoven, M, and P. Bakker. 2014. “The Hyperlocal in Practice: Innovation, Creativity and Diversity.” Digital Journalism 2 (3): 296–309. https://doi.org/10.1080/21670811.2014.900236
   Web of Science ®Google Scholar
• Vara-Miguel, Alfonso, Cristina Sánchez-Blanco, Charo Sádaba Sádaba Chalezquer, and Samuel Negredo. 2021. “Funding Sustainable Online News: Sources of Revenue in Digital-Native and Traditional Media in Spain.” Sustainability 13 (20): 11328. https://doi.org/10.3390/su132011328
   Web of Science ®Google Scholar
• WAN-IFRA. 2021. World Press Trends Database. WAN-IFRA. www.wptdatabase.org
   Google Scholar
• Webster, J. G, and T. Ksiazek. 2012. “The Dynamics of Audience Fragmentation: Public Attention in an Age of Digital Media.” Journal of Communication 62 (1): 39–56. https://doi.org/10.1111/j.1460-2466.2011.01616.x
   Web of Science ®Google Scholar
• Williams, A., D. Harte, and J. Turner. 2015. “The Value of UK Hyperlocal Community News: Findings from a Content Analysis, an Online Survey and Interviews with Producers.” Digital Journalism 3 (5): 680–703. https://doi.org/10.1080/21670811.2014.965932
   Web of Science ®Google Scholar