This isn't news at all. Astronomers have long known that about 80 percent of all stars in the Galaxy are red dwarfs. See, for example, the stellar pyramid on page 79 of Ken Croswell's book Planet Quest, which gives the following statistics:

Red (M) dwarfs: 80 percent
Orange (K) dwarfs: 9 percent
G main-sequence stars (like the Sun): 4 percent
White dwarfs: 5 percent
All other stars: 2 percent.