Tuesday 18 June 2019

Guardian makes a profit

 

'Guardian News & Media reported an £800,000 (€930,997) operating profit for the 12 months to the start of April, marking an end to years of sustained losses' (stock photo)
'Guardian News & Media reported an £800,000 (€930,997) operating profit for the 12 months to the start of April, marking an end to years of sustained losses' (stock photo)
Independent.ie Newsdesk

The publisher of the 'Guardian' and the 'Observer' newspapers in the UK has broken even for the first time in a decade, boosted by online traffic, costs reductions and donations from readers.

The 'Financial Times' recently announced it had exceeded a million paid subscribers a year ahead of schedule, the latest sign that established news providers are finding models to survive the decline of print.

Guardian News & Media reported an £800,000 (€930.997) operating profit for the 12 months to the start of April, marking an end to years of sustained losses.

The company said it had 655,000 regular monthly supporters across its print and digital titles in addition to 300,000. Unlike other paid online news services Guardian readers subscribe voluntarily for content they could access free.

By 2022, the company's target is to have pool of two million supporters making one-off payments, regular contributions or full subscriptions. The unusual funding model has drawn mockery since it was introduced, condemned by some media observers as begging, naive or irresponsible.

Leaving the Guardian's main content free-to-view online creates a challenge for competitors, including Rupert Murdoch's 'The Times' and US rivals.

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