Everything Jeff Bezos touches, contrary to popular opinion, does not turn to gold—case in point; the Washington Post. A decade after Bezos purchased the iconic newspaper, he’s on pace to lose about $100 million in 2023.
Not an excellent ROI for an investment he paid $250 million for in 2013, but it’s not all his fault. The newspaper is essentially an echo chamber for fans of far-left-leaning politics and socialism. Catering to such a limited audience is just part of the problem; the other issue is something most newspapers face; people don’t read them. Newspapers are as relevant as a Sony Walkman.
The New York Times dug deep into the Post’s issues in a story called, “A Decade Ago, Jeff Bezos Bought a Newspaper. Now He’s Paying Attention to It Again.” The article pointed out what they see as a basis for the financial issues the newspaper is having.
“The Post has struggled to increase the number of its paying customers since the 2020 election when its digital subscriptions peaked at three million. It now has around 2.5 million.”
Bezos entered the news game with grand aspirations. Ten years ago, he told his editors at The Post that he wanted them to transform the newspaper from a regional news organization into a global one, according to the story in the NYT. It’s safe to say the newspaper has failed at that as spectacularly as they have financially.
Bezos knows the paper needs a little more of his attention, and he’s been more active and even sat in on an editorial meeting in January. With morale in the dumpster and the business side of The Post being a hot mess, Bezos has stepped in and been more active.
Could things start to turn around in 2024? Well, it’s an election year, which is generally good for advertising revenue and interest in coverage.
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