Newspaper business booming in developing countries
By Leah McBride Mensching, Monday 12 May 2008 at 23:52 :: General :: #1651 :: rss
The newspaper business is booming in much of the world, as new newspapers are springing up in developing countries, gaining both readers and advertising money, the International Herald Tribune reported Monday.
Despite difficulty in the newspaper industry in North America and Europe, circulation is rising in the double-digits at existing newspapers in Africa and much Asia, and new newspapers “are springing up from Rwanda to Tajikistan,” the IHT article states.
In many surging markets, increasing literacy rates dovetailing with growing disposable income is largely to thank for millions of new readers. “Reading a newspaper is something to aspire to, instead of a throwback to a bygone era as it is perceived in much of the West, said executives in India, one of the fastest growing newspaper markets,” the IHT reported.
The Times of India, for example, has a circulation of 3.5 million, more than 10 percent more than the same time last year, and claims to be the world's biggest English-language paper.
Newspapers are being launched in developing countries by everyone from governments, international conglomerates and business moguls, and as income increases in emerging markets, demand for business news also increases. For example, the Financial Times launched a Middle East edition from Abu Dhabi in April, and also expanded local coverage there, according to the IHT.
“We do see a big potential in emerging markets,” John Ridding, chief executive of the London-based Financial Times, told the IHT. “There is strong and growing demand from these markets for strong industry and business analysis.”
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