Derek Thompson notes that "in 2006, Google made $60 billion less than U.S. newspapers and magazines. Now it makes more ad money than all of U.S. print media combined":
The scariest thing about the newspaper business is the idea that digital newspaper advertising is theoretically "alive" and "the future" even though it's growing at 1/50th the pace of print's decline. In the last five years, we've basically figured out one big thing about digital advertising — the power of search — while banner ads, native ads, and sponsored ads, and other non-search-advertising innovations haven't been rich enough to pay for anything except the most shoe-string of journalism budgets. Basically, the digital ad business for newspapers stinks.