William Lewis, the chief executive officer of Dow Jones & Co., sent out the following to the staff on Friday:
Dear Colleague,
Yesterday News Corp released its earnings information for the third quarter of fiscal 2019. I would like to share some of the key points as they relate to Dow Jones.
During the analyst call that complemented the earnings release, News Corp Chief Executive Robert Thomson referenced Dow Jones – highlighting the strength of our digital growth and the diversity and depth of our news and information portfolio.
Turning to The Wall Street Journal, Robert said: “The Journal is the most trusted masthead in America and that value can be seen in its results this quarter, with paid digital only subscribers at the Journal growing to nearly 1.8 million – reflecting 19 percent growth. In total, 68 percent of subscribers are now digital only.”
He also pointed out that, in the last quarter, about 55 percent of circulation revenues at Dow Jones were digital – a solid platform for future growth.
We are keen for WSJ to reach more people in ever more innovative ways. Referencing our nascent partnership with Apple to distribute Journal content, Robert said: “[It] is at an early stage, but the initial signs are encouraging both in terms of reaching new audiences and the strength of engagement with the Wall Street Journal in the new app.”
Moving on to other products in the Dow Jones family, Robert noted that the audience for MarketWatch grew 13 percent in the first nine months of the fiscal year to approximately 30 million average monthly unique users, while revenue rose 13 percent.
Barron’s subscribers grew over 20 percent in the quarter compared with the prior year – approaching 600,000 in total. Its success continued in April, with Barron’s breaking its all-time audience record by achieving, for the first time, a combined total audience of 10 million print and digital users.
Robert also highlighted the success of our Professional Information Business. Risk and Compliance continued its upward trajectory, with 22 percent growth in revenues.
He said: “This represents the ninth consecutive quarter of 20 percent or more year-over-year growth in that business. It is worth noting that at the time of the separation of News Corp in 2013, annual revenues of Risk and Compliance were at $31 million. We expect that number to more than quadruple by the end of fiscal 2019, to around $130 million.”
I am confident we can build on these encouraging results and enjoy further growth in the final quarter of FY19.
The full Q3 announcement can be read here.
Best,
