Monday 7th September: Growth at Future comes with some casualties

Howdy, welcome to Tuesday's daily update, brought to you by Chris.

Writing for What's New In Publishing, our very own Esther has an in-depth look at how Future plc has outperformed much of the publishing industry over the past few months. A combination of some fortuitous (or very well-planned) diversification and new product launches mean the specialist publisher was well set up to take advantage of ecommerce and affiliate revenue around some lucrative verticals:

"Gardeningetc’s launch happened to coincide with lockdown and a surge in interest in gardening; something Jason Orme, Future’s Managing Director of Homes, says was 'pure luck'. 'We knew that if we were going to launch it this year and have any traction, we would have to launch it in May rather than October,” he said. “So it’s part long-term planning, part strategic around [the TI Media acquisition], but also partly, we’ve got the time to do it now when we might not have the time to do it in three months. So let’s do it now.'"

Additionally, Future has reported its pre-close full year trading update, and it's good news overall, with results for the year expected to be materially ahead of predictions. One heartbreaking outcome, though, is the closure of the Kotaku UK and Gizmodo UK brands it licensed from G/O Media. Our hearts go out to everyone affected, and personally I'll miss reading and writing for Kotaku UK.

Australian newswire the AAP was recently saved by a group of investors and philanthropists. Almost immediately, however, AAP 2.0 chief admits ‘it’s been a lot tougher than we thought’ with clients signing on for far shorter periods than pre-Covid.

The language we use to engage with and dispute misinformation is important. This explanation of why BuzzFeed is changing how it reports on QAnon takes into account that it "is much bigger — and more dangerous — than other conspiracy theories."

Tim Davie's poorly thought-out moratorium on journalists expressing anything remotely resembling opinion appears to have begun. As we've said in a previous newsletter, this will have a deleterious impact on trust in the Beeb - and in journalism as a whole.

This week's podcast:

In this first episode back following an… eventful summer for media, the team discusses six topics you might have missed over the past month. Get the latest on Facebook & Google vs Australia, what difference mainstream podcast coverage could make, and what media leaders make of Vogue Business' reader revenue play.

Putting together a daily newsletter has made a huge difference to the way we work together as a team, and more importantly, has helped us get to know our audience. It’s almost impossible to tell from our weekly podcast which stories people do and don’t care about, but the newsletter has given us a valuable insight into this. Here, we’ve pulled out some of the lessons we’ve learned from doing a daily newsletter.