Hit by sharp ad decline because of COVID19, India's newspapers cut jobs and salaries
NEW DELHI: India's vibrant newspaper industry that reaches tens of millions of readers daily has been ravaged by declining advertising revenues due to a nationwide lockdown to fight the coronavirus, pushing leading titles to slash jobs and salaries.
The Times of India, among the world's largest circulating English-language dailies, has shrunk to around 16 pages with supplements, compared with 40 plus pages previously, as ads from companies have stopped, said one Times employee. "There is tension and people are only praying. Who knows what will happen, but everybody is expecting pay cuts," said one Times Group business journalist, who declined to be named.India has extended a nationwide lockdown to May 3 to fight the coronavirus that has so far infected more than 12,000 and killed over 400 people. India has said it will allow opening up of only some industries after Apr 20.
The Indian Newspaper Society, which represents around 1,000 publishers, has estimated the industry could lose US$2 billion over the next six to seven months. It has sought federal support via a 50 per cent increase in government advertisement rates.
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