While readers turn to online for breaking news media organisations are struggling to adapt their business models to the new environment:
Newspapers in the San Francisco Bay area have been hammered by Craigslist.org to the tune of $50m to $65m in job ad losses alone, according to a new report.
Consulting firm Classified Intelligence has issued a 57 page report that tracks how the four major Silicon Valley newspapers were caught off guard by Craigslist and have largely lost the classified advertising wars.
"(The Bay area) is the first major metro market where, with great certainty, the newspaper industry no longer controls the classified advertising marketplace," Classified Intelligence said in its report.
Australian newspapers will face their own battle with Craigslist.org which opened for business here in mid-2004.