Print Ad Revenue Drops 14.8% for Projo’s Parent Co. and Projo Circulation Drops to 38K
GoLocalProv Business Team
Print Ad Revenue Drops 14.8% for Projo’s Parent Co. and Projo Circulation Drops to 38K
New Media Investment Company, the publicly traded company that manages GateHouse Media, reported that, “Traditional Print advertising revenue decreased 14.8% on an organic same-store basis compared to the prior year period. This decline was consistent with the fourth quarter of 2018."
The company went on a buying binge in 2018 collecting dozens of newspapers across the country. It now owns 156 daily newspapers in the U.S.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTOverall, the company’s same-store revenue fell 7.4 percent even with the growth of digital — up 23.8 percent — but digital revenue is just 12 percent of the company’s overall revenue.
New Media reported that circulation revenue decreased 5.5% on an organic same-store basis, “due in large part to our shift away from pricing increases as we work to grow subscriber volumes. This strategic shift is working as demonstrated by total subscriber volumes growing for the second consecutive quarter, as compared to the prior year.”
In Rhode Island, the Providence Journal’s weekday paid circulation has been in free fall. Now, the circulation is reported to be just 38,000 by WPRI's Ted Nesi.
Overall, the company lost $9.1 million for the quarter.
The company's stock has fallen 52-week high of $19.10 to just a closing price on Wednesday $10.63 -- a 44 percent decline
The decline of print hit the ESPN empire too.
ESPN The Magazine is closing. The company announced, "Consumer habits are evolving rapidly, and this requires ESPN to evolve as well. The only change here is that we are moving away from printing it on paper and sending it in the mail, following September’s release of The Body Issue. Our data shows the vast majority of readers already consume our print journalism on digital platforms, and this approach will maximize our reach and impact. In the future, we will explore releasing tentpole collections such as Body in special, differentiated print formats.”
After 21 years, the magazine's September issue will be the last.
“Consumer habits are evolving rapidly, and this requires ESPN to evolve as well,” the network said in a statement. “The only change here is that we are moving away from printing it on paper and sending it in the mail. … Our data shows the vast majority of readers already consume our print journalism on digital platforms, and this approach will maximize our reach and impact.”