the fourth quarter of 2009, still deep in the Great Recession, to find a greater decline. That's when print ad revenue fell a whopping 18%.
Given the fact the U.S. economy is officially growing again -- albeit at a snail's pace -- the continuing falloff in print ad revenue doesn't bode well for GCI's future.
That's because no matter what people say about the future of digital, the company's fortunes remain lashed to paper: 47% of GCI's $1.3 billion in Q3 revenue came from print advertising. Throw in circulation revenue, and the figure rises to 68%.
Bottom line: As goes print, so goes the rest of the company.
Related: this spreadsheet shows quarterly year-over-year changes in GCI's revenue by category: from print advertising to broadcasting, going back to Q4 of 2009.