Immediate Media, which struck a £121m deal with BBC Magazines to buy, licence or contract publish its 34 titles in 2011, saw group operating profits rise from £8.2m to £14.4m in the year to the end of March 2014.
The company, which owns a total of almost 60 titles including 220 Triathlon, Gardener’s World and You and Your Wedding, reported total revenues flat at £150.6m.
“The digital operations of the group grew during the year,” the company said in its latest financial results filed at Companies House. “Print operations for continuing titles also grew, but this was offset by the closure of some unprofitable titles.”
The company said that generated £30m in cashflow from its operations last year. On a pre-tax basis, losses shrank from £2.89m to £1.86m.
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Sir Martin Sorrell, played an instrumental role in the “dash for digital” that saw a rebalancing away from newspapers and magazines, even though in recent years he suggested that the power of print had been underestimated. With his resignation, “we'll [now] never know the extent to which he was prepared to translate this into a change in spending priorities.”15th Apr 2018 Industry News
Summit Media in the Philippines announced the closure of its six remaining print titles as it “completes its full digital transformation”. The company has around 20 million unique users monthly visiting its 15 websites with a further 33 million followers on social media platforms, making it “the Philippines leading digital lifestyle network and one of the top two local digital media companies in the country”.12th Apr 2018 Industry News
Hitting newsstands today, Seventeen magazine released a special issue commemorating the March for Our Lives. This comes off the heels of Seventeen chartering a bus to bring 30 teenage activists to Washington DC for the march.5th Apr 2018 Industry News
Findings from the latest Digital Publishers Revenue Index (DPRI), a quarterly report on UK publishing from the Association for Online Publishing (AOP) and Deloitte, reveals publishers experienced a 5.6 per cent growth in total digital revenue in 2017 compared to 2016, rising to GBP£365.5m (USD$512.5m). The increase was fuelled by a 27 per cent annual revenue increase from display advertising.5th Apr 2018 Industry News
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