Thursday 20th July: Guardian Media Group records strongest financial results since 2008

July 21, 2022

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The Guardian’s parent company has recorded its strongest financial results in 14 years. Aided by contributions from online readers and increased income from its international operations, annual revenues at Guardian Media Group grew by 13% to £255.8 million.

The figures underline the Guardian's move away from its traditional print business to a primarily digital footing. Online readers now contribute more money than readers of its UK print newspapers. When digital advertising and other income is taken into account, more than two-thirds of Guardian Media Group’s total income now comes from online operations.

Unlike other British newspapers, the Guardian is not owned by a rich individual (see following story). It has maintained its independence through subsidies from the Scott Trust, an investment fund set up to secure the future of the paper. These results show that, for the first time in years, rather than drawing down on the fund the newspaper group produced a cash surplus of £6.7 million. And that makes us happy 😊

Climate protesters targeted Rupert Murdoch‘s UK business headquarters because of what they claim to be the 'denial and trivialisation' of climate change at The Sun and The Times. While I don't support damage to property, I share the widespread frustration at much of the climate coverage run by the UK Press. And reading the opinion leader in Viscount Rothermere's Daily Mail yesterday, they were probably lucky not to have their windows put in too.

I've spent a fair amount of my magazine career in B2B publishing and I recognise Brian Morrissey's descriptions of boring content, cheerleading and poorly designed products. But as he says, the sector has modernised, especially digitally native business publications that are taking different approaches. He's been speaking with Adam Ryan, cofounder of Workweek, and my top takeaway is 'You can be professional and have personality'. Hell, that's our motto at Media Voices.

Artificial Intelligence technologies such as automation are already having an impact on journalism, especially in large news organisations with the resources to acquire and adapt the data and software. This piece from Charlie Becket sets out how even the smallest news organisation can find out about AI and the opportunities it offers.

This week's podcast:

This week we hear from Sajeeda Merali, CEO of the Professional Publishers Association (PPA). We talked about what her publishing background brings to the organisation, what’s top-of-mind for the publishers the association represents as the effects of the pandemic rumble on, and what defines a magazine publisher today.

Tickets to the inaugural Publisher Podcast Summit are on sale! Take advantage of an exclusive pre-agenda discount code just for our newsletter subscribers: enterMVNL20at checkout for 20% off all ticket types.