Warren Buffett hosted Berkshire Hathway’s annual shareholder’s meeting in Omaha, Nebraska this weekend. While he offered his shareholder’s a positive outlook on the company and the American economy, not every prediction was rosy.
During his Q&A session with shareholders, he addresssed a concern that should have the traditional print media doing some introspection. TheWrap reports:
“Only perhaps the New York Times, the Wall Street Journal and the Washington Post have a digital product with robust enough revenue to be ‘viable’ over the long-term,” said Buffett as he fielded questions alongside longtime colleague Charlie Munger. “‘It is very difficult to see — with a lack of success in terms of important dollars rising from digital — it’s difficult to see how the print product survives over time.”
The legendary investor was quick to minimalize the financial impacts to his company, but said the bigger loss was for the United States.
Buffett appears to be onto something. According to a 2017 Pew Research Study, digital newspaper subscriptions jumped in 2016, but advertising revenues declined.
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AAN Staff
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