It’s painfully bleak. So bleak that one executive says the game is over, and no one will innovate now because they don’t want to blamed for the inevitable newspocalypse.
It may be an oversimplification to characterize this as a cultural catastrophe. The news is part of a system, and like any system, we usually only grasp the tip of the iceberg. The problem is, as Bateson might put it, you can’t extrapolate the rest of the iceberg from what you see above the surface. What you see are inevitably partial components of larger, deeper circuits. Economics, reader habits, technologies, broader cultural trends, lunar tides … who can say for sure what newspapers are truly up against. But this Pew study clearly indicates that the hull has been breached.