The coronavirus pandemic has had an adverse effect on the global economy, with industries across the UK seeking support from the government during these unprecedented times.
With advertising amongst the media industry taking a huge hit due to the lockdown, newspaper publishers are the latest to voice their concerns about their bleak future. The print industry has been hit by a double blow by the lockdown with a slump in commercials and sales due to fewer people buying papers.
Financial Times reports that national newspaper sales fell over a fifth during the lockdown period in March. It added that a number of print giants have announced emergency measures during this period.
While a number of journalists at JPI Media and Newsquest are furloughing journalists, there are other publications including Reach and Daily Mail and General Trust, who have informed staff of pay cuts.
With non-essential travel banned in the UK, the footfall in shops including newsagents have fallen considerably, with some outlets forcing to shut. In an attempt to fight falling sales, publications are starting initiatives to deliver papers directly at readers doorsteps. However, this will only partly cover costs, with alarms already being signalled by publishers.