Today, if a news company says print revenue is down, nobody bats an eyelid. But if digital revenue is down also, something is seriously amiss.
This is the case for Postmedia Network Canada Corp, whose latest quarterly earnings report is a grim one. Print advertising revenue fell more than 12%, while digital revenue dropped over 5%; total revenue slipped 8.4% to $194 million. THe company lost nearly $12 million, whereas in the same quarter a year prior it earned a profit of just under $7 million.
"We continue to face significant revenue challenges as a result of a rapidly changing advertising market," said CEO Paul Godfrey. "In spite of these challenges, however, we are very pleased with the progress we have made in stabilizing circulation revenue, deepening insights into our audiences across multiple platforms, and transforming our cost structure to match the realities of the business."
"As the newspaper industry continues to transform, we are confident that we are positioning the company for future success," he added optimistically.
Postmedia operates several newspapers across Canada, including the Calgary Herald, the Vancouver Sun, and the Edmonton Journal.
Photo: Adrian Wyld / CP