INM announces new three-year strategic plan
Publisher of Irish Independent and Independent.ie expects 30 redundancies and will be investment of €5m in technology and digital capability.
Independent News and Media has briefed its staff on a new three-year strategic plan for the company.
The publisher of the Irish Independent and Independent.ie has announced it expects 30 redundancies across the organisation and there will be investment of €5m in technology and digital capability.
INM chief executive Michael Doorly outlined his vision for the company as part of the plan called 'INM@21'.
Mr Doorly said the management team has reviewed the challenges and the opportunities facing the publishing industry and what that means for the business.
"The key challenges are declining circulation volumes and contracting advertising revenues, which is reflected in INM’s own performance. The major opportunity which we need to take is in increased digital revenues.
"While INM continues to be profitable, we recognise that the existing business model is not sustainable over the medium term and we need, as a matter of urgency, to stabilise and grow our business.
"In order to do that, we need to put our customers at the heart of everything we do. We have seen a marked shift in consumer behaviour from newspaper to mobile consumption of news and content and INM must adapt accordingly. "This involves optimising revenues, reducing costs and building the capability to respond to the changing needs of our audience," he said.
Mr Doorly said the Publishing Division remains at the heart of the INM Group and, as such, will be the most affected by these changes.
He said the company anticipates that approximately 30 roles will be lost across the editorial and commercial functions to meet the future needs of the organisation.
Mr Doorly said the announcement was not all about cost reductions.
"In order to arrive at a new publishing model, one that is fit for purpose in a changing world, we need to ramp up our investment in technology and digital capability to ensure we have the resources required to deliver ‘INM@21”. This investment will amount to approximately €5m in the first phase.
"While some of the changes we have to undertake over the coming months will be difficult, nevertheless I am confident that, together, we have the ambition and capability to build a robust, sustainable business into 2021 and beyond," he said.