It’s been a good week for old media. The Guardian, The Washington Post, The New York Times, and The Wall Street Journal have all done a superb job of reporting on the NSA/PRISM revelations. Unfortunately it has also been a terrible decade for them. Newspaper advertising revenue has fallen by more than half since 2007, and paywalls aren’t even coming close to covering that loss.

Worse yet, nimbler competitors are doing their breakneck best to steal the audience…and they seem to be doing it well.