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London-listed magazine publisher Future enjoyed a 15 percent rise in online advertising revenue in the nine months to June 30, offsetting an eight percent drop in print advertising. While it isn’t releasing revenue or profit figures, only relative changes, it’s pleased as punch that online now contributes 22 percent of the company’s ad revenue, compared to 19 percent a year ago — which makes the face that overall ad revenue was down 14 percent at constant currency rates a bit easier to take.
Never one to talk down the health of the magazine industry, CEO Stevie Spring says: “While it is premature to talk about a market recovery, there has been no deterioration in trading conditions since the half year.” Release.
The company, which publishes special-interest, niche, hobby-based magazines and websites, on Thursday announced a two percent year-on-year revenue decline for the nine months to June 30 — a nine percent drop in real terms. Magazine circulation revenue was down eight percent and its events and licensing department was the only growth area with an eight percent revenue gain
Two thirds of Future’s revenue comes from the UK — where publishing revenue fell six percent due to declines in PC gaming and car titles — while the rest from the US, where publishing revenue declined six percent. The company says a row with US newsstand distributors which cost $1.5 million in lost sales is now “fully behind us”.
In May the company announced first half revenue of £76.7 million and profits of £1.2 million. Its next update is on September 29 and its full-year results are on November 26.