Trinity Mirror says print advertising has fallen 12% in latest earnings period
UK newspaper chain says digital revenue us 44%, but growth in digital can not make up for losses in print revenue
The publisher of the Sunday Mirror today issued an Interim Management Statement warning investors that the media company was suffering from continued print advertising declines. Total publishing revenue has fallen 7 percent due to a 12 percent decline in print advertising.
“At the end of September our group digital audience exceeded 90 million monthly unique users with continued strong growth in digital revenue,” Simon Fox, Chief Executive, Trinity Mirror plc, said. “Despite the recent deterioration in national press advertising trends I remain confident that our strategic initiatives will ultimately deliver sustainable growth in revenues and profits.”
Digital revenue remained a bright spot, up 44 percent, but like many newspapers companies, Trinity Mirror is not finding that strong growth in digital is making up for sharp declines in print advertising.
Trinity Mirror is Britain’s largest newspaper company, publishing 240 regional papers as well as national brands such as the Daily Mirror, Sunday Mirror and People, and the Scottish Sunday Mail and Daily Record. Like Rupert Murdoch’s News Corp, Trinity Mirror has gotten caught up in the phone hacking scandal in the UK, with one of its journalists pleading guilty just last week to charges of phone hacking.