Thursday 9th November: Reach plc to cut 450 jobs in latest misplaced culling

November 09, 2023

Good morning! Today's newsletter is brought to you by Chris.

There’s just one month to go until Mx3 AI; a live event in London from Media Voices and Media Makers Meet. We’ll be featuring sessions on AI in local, national, consumer and B2B media, as well as discussions on innovation, developments and regulation.

Mirror and Express owner to cut about 450 jobs – 10% of workforce

Reach says job losses part of plans to reduce costs by 5% to 6% in 2024 and accelerate digital-first strategy

www.theguardian.com/media/2023/nov/08/reach-mirror-express-newspapers-publisher-cut-jobs

I was chatting with a journalist mate immediately after this news broke yesterday, and he said “sure would be nice to work in a sustainable business”. I don’t know if I can put it any better than that, to be honest. This is a horrible situation for everyone involved - not just the one in ten people who will lose their jobs at the regional publisher, but for their colleagues who will have the survivor’s guilt.

“In its third quarter trading update, Reach reported a 13.7% drop in digital revenue as online page views slumped by 21% year-on-year in the first nine months. Total print revenues also fell by 6% with income from newspaper sales and advertising declining.” Maybe that digital revenue drop is due to the absolutely abysmal state of its local news sites, which are often unreadable without ad-blockers?

One thing is absolutely for sure. The inability of Reach’s executives to hit its targets is not the fault of the journalists who will lose their jobs. Instead, as ever, it will be the hard-working people who bear the brunt of cuts that are nothing to do with their performance. Our hearts go out to everyone affected here - and if there is anything tangible Media Voices can do to help please do let us know.

The New York times passes 10 million subscribers

The company reported an adjusted operating profit of $89.8 million in its latest quarter, up from $69 million a year earlier.

www.nytimes.com/2023/11/08/business/media/new-york-times-q3-earnings.html

On the other end of the scale, it’s good news for the NYT. The New York-based publication, one of the darlings of the newspaper subscription world, has passed 10 million subscribers according to its latest quarterly report. It also announced an adjusted operating profit of $89.8 million in its latest quarter, no small sum and no small feat.

8 writers on Taylor Swift and the state of music journalism

"In the future, we will cut through the sludge of history and the sideview will show a landscape of dinosaur bones under this bright layer of neon and sparkles."

www.readtpa.com/p/8-writers-on-taylor-swift-and-the?s=09&utm_source=pocket_saves

Although we reported on the appointment of Bryan West - Gannett’s new dedicated Taylor Swift reporter - a few days ago, we are not becoming a Taylor Swift newsletter. Yet. No, I’m including this because Parker Molloy has brought together eight journalists and writers to examine the future of music journalism. Now, if anyone reading this is looking for a dedicated We Are Scientists reporter, my DMs are open…

We have a section on our Media Voices Community Forum dedicated to chatting about non-media stuff - which happens to include music (though Tay-Sway has yet to be mentioned). If you want to recommend any bands, or find some inspiration, come join us.

ITV sees studios and streaming revenues grow to offset network drops

ITV Studios and ITVX revenues helped to offset falls in linear at UK network ITV in the first nine months of 2023. A Q3 trading update revealed ITV Studios turnover has grown 9% to £1.52B ($1.87B),…

deadline.com/2023/11/itv-studios-itvx-digital-revenues-offset-linear-losses-1235596572

Every time I read about ITV’s performance I’m struck by how absolutely dependent the UK commercial broadcaster appears to be on shows designed to be exported to the US. Its raft of reality TV programming seems to be the bedrock upon which the rest of the business is based. Anyway, it’s the same old story - linear decreases in viewership and revenue, partially offset by its digital activity.

More from Media Voices

Motor Sport Magazine's Zamir Walimohamed on making subscriptions work

Zamir tells us about how Motor Sport Magazine has managed bringing print subscribers into its digital ecosystem, and more.

voices.media/motor-sport-magazines-zamir-walimohamed-on-making-subscriptions-work

Media Briefs: Yes, you can use Apple News to build first-party data

Apple News doesn't share reader data directly. But there are clear pathways for publishers to leverage and drive first-party data capture in the app.

voices.media/media-briefs-yes-you-can-use-apple-news-to-build-first-party-data

What to expect at our upcoming AI-focused event for publishers

There’ll be plenty to learn from all of the speakers, but here are just a few of the sessions we’re most looking forward to at Mx3 AI.

voices.media/what-to-expect-at-our-upcoming-ai-focused-event-for-publishers