The media conglomerate behind these brands remains committed to keeping its print operations going still, even as it shifts its attention towards a digital-first strategy for its future.
Jim Mullen, Chief Executive of Reach, acknowledged the challenges facing the print industry, stating that while print revenues are declining, they still generate hundreds of millions annually. “We are maintaining a well-loved but declining print business,” Mullen said, and that profitability for print could last another six to eight years.
Reach’s print revenues fell by 6% in 2024, with newspaper sales dropping by 17% year-on-year. Mullen pointed out that the decline in print sales has also reduced costs which has helped reduce some of the financial pressures.
The company’s digital strategy is showing signs of promise. Digital revenues grew by 2.1% in 2024, with an 8.6% increase in the final quarter, the fastest growth rate in nearly three years. Digital income now accounts for almost a third of Reach’s total revenue, driven by increased online traffic and a focus on digital content creation.
The transition to digital has not been without its challenges. Reach has faced criticism for job cuts, including the departure of senior editorial staff and the loss of almost 800 roles in recent years.
Mullen defended the company’s approach, stating “We brought in 60 digital journalists in the second half of last year alone”.
Mullen mentioned factors, such as US politics and the ongoing attention-grabbing headlines created by figures like Donald Trump, have produced a boost in online traffic. He does remain cautious about predicting when digital revenues will fully overtake print, stating, “It’s too far-reaching to say. When the time comes, digital will support the print newspapers.”
While the road ahead is uncertain, Reach plc, will have to manage preserving its print legacy and embracing the digital age. Mullen’s optimism suggests that the company is determined to adapt and survive in an increasingly digital world.