Financial Times’ iPad App Brings In £1 Million

The Financial Times’ new iPad app has generated more than £1 ($1.59) million in advertising revenue since it was launched in May, according to the paper’s deputy chief executive.

Ben Hughes, who is also the paper’s global commercial director, said more than 40,000 400,000 subscribers have signed up for the app. He added that it now accounts for 10% of the paper’s new digital subscriptions.

“My job is to make the FT brand sweat,” he told the MediaGuardian Changing Advertising Summit. “Print [advertising] isn’t dead but media owners are just having to find new ways to put [different models] together.”

Hughes said traditional print advertising now accounts for just 40% of the FT’s overall revenue.

He said changes in the advertising market are not limited to opportunities created by new technology. The FT is also exploiting areas such as events, he pointed out.

This article originally appeared in MediaGuardian.