Finally, DMGT’s Euromoney investors mag, which had seemed uber-resilient to the economic downturn on which it reports – is succumbing to the recession. April-to-June revenue fell 11 percent from last year to £84.2 million.
The mag says: “As expected, the rate of subscription revenue growth is now declining as the lag effect of cuts in headcount and information buying by customers since the start of the calendar year work their way through into revenues.”
Subscription revenue was actually up 20 percent, driven by web subs (Euromoney is £90-a-year online, £389-a-year with added print edition). But advertising income was down four percent to £13.5 million, sponsorships down 23 percent to £12.5 million and delegate income down 26 percent to £19.2 million – blamed on “budget cuts and tight cost controls, particularly in the financial sector”. It expects subscription growth to go on falling for the rest of the year, and no recovery in the other revenue streams until late 2010; unspecified costs have been cut accordingly. Release.
— Meanwhile, DMGT – or, rather, its DMG Information B2B wing – is joining the ranks of publishers ditching a property data assets. It’s selling Boston-based Property and Portfolio Research (PPR) to rival property research company CoStar for $22 million worth of CoStar shares, PropertyWeek reports. PPR values real estate.