Another day, another publisher looking to take a step away from print. Future Publishing (LSE: FUTR), the UK-based special-interest magazine publisher, is looking to sell or close eight print titles and lose 100 staff, as it looks to stem a decline in revenues, particularly in the U.S., and continue its focus on digital publishing.
The titles that are up for sale are DVD & Blu-Ray Review, Hi-Fi Choice, What Satellite & Digital TV, Home Cinema Choice, London Tech Guides & Bookazines, Photoshop Focus Guides, Nitro and Redline, according to a report in the Guardian.
Currently the 100 staff have entered into a consultation period with the publisher. It employs 1,000 staff overall.
The titles that are on the block are relatively small publications in Future’s portfolio, which also includes titles like the tech magazine T3, Total Film, Classic Rock, Guitar World, and Official Xbox Magazine; it also publishes several web sites such as Tech Radar and Music Radar, and has iPad editions for some of its leading titles, such as T3 (pictured).
It is not known how long Future would give the eight titles to find a new home before it closes them down, but the move will streamline the company to focus more on digital content.
In the UK, print is relatively still strong, while in the U.S. the aim is to focus more on digital. The company is aiming to be a mostly-digital business within 12 to 15 months.
In the nine months ended June 30, Future’s revenues were down three percent, but in the U.S., it is on track to lose £2 million this financial year. Future says this is down to worse-than-expected newsstand sales, plus slower print advertising sales.
Digital has been one of the brighter spots for the company. In that same management statement, Future notes that ad revenues on digital products have grown by 40 percent and now represent a third of all ad revenues. May was the first month the company made £1 million in digital revenues.