New opportunities, challenges and realities for the media industry in Greece: an empirical examination of the effects of the financial crisis and digital technologies on media business performance

Abstract

The impressive developments of new media-focused technologies have brought about turbulence and significant problems in the financial performance of the media industry in Greece. This is particularly with reference to the impact on newspapers and other print media. Furthermore, the financial crisis which has plagued Greece for well over a decade has also impacted on this. Estimates of linear multiple regressions show a highly significant relationship between the number of newspapers in circulation and an explanatory number of variables such as the proportion of the population having access to the internet, is representative of the evolution of technology. In other estimates of multiple regressions, the developments in technology and the nation's financial crisis seem to have had a major impact on the financial performance of these companies as evidenced by their effect on the main financial ratios in the industry, which generally show a decline.