National newspaper group presses on as print revenue takes 20% tumble
A national media company has reported that its print revenue has taken a 20 per cent tumble in recent months.
Reach plc, the owner of more than 200 national and regional newspaper titles, announced today that it has seen a 19.6 per cent decline in print revenue over the past five months.
The lowered demand for print was somewhat offset by a 16.2 per cent digital revenue increase, but the group’s overall revenue remains low with a decrease of 13.9 per cent.
This comes as Reach, whose titles include the Daily Mirror, undertakes a strategic transformation programme which has seen more than 500 jobs cut across the group.
It is also currently undergoing a consultation on plans to close two of its six printing sites.
Jim Mullen, CEO of Reach plc, commented: “The passion and talent of our people continue to take the group and its news brands forward to its digital future.
“Reach has continued to deliver great content and continues to drive increased customer loyalty and engagement.
“The headwinds from Covid-19 have been considerable, but while we remain mindful of potential impacts from the current lockdowns, we approach the end of the year with a strong and growing digital business, resilient print circulation sales, and a new, efficient operating model.
“Our customer value strategy is now entering a new phase, with an increased focus on business intelligence and insight.
“The launch of the Reach ID, which will deliver a single view of customer activity across our national and regional network, is on track for December, and will provide enhanced data and insight that will support further digital revenue growth.
“2020 has been a pivotal year for Reach and the response of our colleagues to the challenges of 2020 has been first-class.
“Whilst macroeconomic uncertainty remains, we approach 2021 with confidence in the long-term value of our loyal audience and trusted brands and with strong digital momentum.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.