The Economist grew its profits last year, overcoming an 18 percent fall in print ad revenues by focusing on pushing its premium print and digital subscription packages to readers, reports Mark Sweney of The Guardian.
Sweney writes, “The Economist Group managed to boost operating profit from £59.3m to £60.6m in the year to the end of March, a creditable performance given the pressures facing publishers.
“The company said that print advertising fell by 18% last year, at constant currencies, and at closer to 10% when the impact of the strong US dollar is included. Nevertheless it has now dropped to such a level – while areas such as digital advertising have grown significantly – that the overall ad revenue decline was just 8%.
“‘This means we are now well over halfway through the decline in print advertising that has hammered all ‘traditional’ media companies, and we have made considerable progress in filling the gap.'”
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