Publisher G+J plans online expansion
German publisher Gruner+Jahr (G+J) is to invest several hundred million euro in an online expansion, following other media groups in seeking fresh revenue streams as newspapers and magazines decline.
Germany had proven relatively resilient to technological, cultural and demographic forces that have hit print titles in many other developed countries, but that has changed in the past year.
G+J, publisher of titles including 'Stern' and 'Brigitte' and which is 74.9pc owned by media conglomerate Bertelsmann, said the shift to more digital content would take time.
"The transition of G+J is long-term. It is clear to us that the next three to five years will be years of investments," the company said.
G+J, which last year closed its 'Financial Times Deutschland' title, denied speculation that the transition would involve job cuts. "It is correct that we will align our workforce over the different sectors step by step," G+J chief executive Julia Jaekel said, adding there would be significant job creation in the publisher's digital business.
The loyalty of German readers to their favourite daily newspaper has eroded in recent years. Ad revenue in German newspapers was down 11.4pc at €1.1bn in the second quarter, data from Nielsen Media Research showed.