Newspaper publishers have seen revenues drop by more than half in the past two decades, as the internet disrupts advertising markets that once funded tens of thousands of jobs in newsrooms across the country, reports The Hill.

New data from the U.S. Census Bureau shows newspaper publishers collected about $22.1 billion in revenue in 2020, less than half the amount they collected in 2002, according to the Bureau’s Service Annual Survey.

Revenues declined by nearly 28 percent between 2002 and 2010, according to the survey, and by another nearly 34 percent between 2010 and 2020.

Periodical publishers, who print and distribute magazines, scholarly and scientific journals and religious publications, saw their revenues decline by nearly as much, from $40.2 billion in 2002 to $23.9 billion in 2020.

According to The Hill: “Publishers took the biggest hits from a rapid decline in the value of advertising they sold. Since 2013, the revenues generated from subscriptions and sales of newspapers increased by about 10 percent, from just under $8 billion to about $8.8 billion. But advertising sales plummeted, from $16 billion in 2013 to just over $10 billion in 2020, accounting for virtually all of the lost revenue over those seven years.”

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