Peter Lauria of The Daily Beast writes about the Financial Times’ growing influence in the United States and the rise of its U.S. editor, Gillian Tett.
“‘The FT has become a sort of status symbol, people want to show off that they read it,’ says Reed Phillips, managing partner of boutique media advisory firm DeSilva & Phillips. ‘They’d rather leave the FT out on the coffee table than The Wall Street Journal.’
“‘Status symbol’ isn’t a word recently associated with the newspaper industry, but the FT has been an anomaly. Long thought of as a British newspaper, the FT has quadrupled its circulation in the U.S. to 137,000 and now has more readers stateside than it does in the U.K. (worldwide circulation: 401,000). Meanwhile, its website boasts 2 million registered users, and 126,000 people pay for subscription services—digital products accounted for 73 percent of the FT Group’s revenue last year, while advertising only accounted for 19 percent, a near reversal from a decade ago that underscores a desire among all media organizations to be less reliant on advertising.”
Read more here.
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