Newspaper ad revenues are again down by double digits, more newspapers are defaulting on debt and we’re entering one of the worst economic crises ever.

Ad revenue will continue to dry up. Many traditional print advertisers (car dealers, real estate agents, etc) are facing tough times and some are going out of business. This economic crisis will claim many people’s jobs and shrink ad budgets around the country.

It will further squeeze already squeezed newspapers. Even CPMs are down. Many newspapers have been slow to embrace video ads, which pay much better. Newspapers also have not been able to discover newer revenue streams.

It’s well known that many older newspaper subscribers do not frequent newspaper Web sites, and this is one major argument against cutting back on the number of days that newspapers publish. Many of these core newspaper readers still read and enjoy newspapers every day. Newspapers don’t want to alienate some of their most loyal readers.

The problem is that newspapers have to move forward into a Web world. Resources are still skewed wildly in favor of print at most newspapers. With little audience overlap between print and online products, newspapers have little synergy and are unable to produce products that compliment each other.

Imagine how much more sense it would make to have The Washington Post, for example, to publish daily online and produce a once-a-week print publication that focuses on analysis, enterprise stories and the big picture. It would be the Yin and the Yang. It would be synergy city.

Many newspapers may never see this reality. Ad revenues will continue to plunge, newspaper managers will continue to cater to print subscribers who are slowly dying off and leaving for richer online experiences and this will be the end for many dailies.

But maybe this could be the event that brings synergy to print and the Web. There is still a future for print — albeit a much different future than daily newspapers are used to. I receive The Economist, National Geographic and the Sunday Washington Post (it would be much stronger if it were the only Post edition each week). A lot of younger people do like print publications, but we don’t like daily publications.

They make little sense. I don’t have time each day, or the will, to read a daily print product. Daily print products also clog up my apartment and are bad for the environment. But giving up on print would be a mistake too.

Could the death of daily newspapers be the catalyst that brings in older readers to Web journalism?

If older readers came onto the Web en masse, newspapers would no longer have to cater to two distinct audiences. Finally, newspapers could produce a print product that made sense in a Web-first world. I fear this reality, however, can only happen if many older readers are forced to start reading online news because many newspapers fail.

And while I will lament and mourn the loss of newspapers around the world, I believe this is a better future. The downfall of newspapers could lead to better journalism. So many news organizations are held back by the past, by bureaucratic inertia, by institutional memory.

Imagine a future in which the only thing holding back news organizations was our imaginations. This economic crisis could not come at a worst time for newspapers, and, frankly, no one really knows how bad it is going to get. I do know, however, know that in good times and bad, people want to be informed.

Maybe, just maybe, this crisis will force us to reinvent journalism. Maybe it will spark an unprecedented wave of innovation as we face the realities of a new world for journalism.

Could it be the turn of the tide?