Digital advertising revenue overtakes print at Reach, company reveals
Digital advertising revenue has overtaken print advertising revenue at Reach, the country’s largest regional press publisher.
In an update to the city, Reach reported that digital revenues were up 35%, with total print revenues down 10.4%. Circulation revenue for the first four months of the year was down 3.1%
The company said year-on-year movements in digital and print reflected ‘softer’ comparatives during April 2020, when audience numbers soared but digital yields (revenue per page) fell as demand for advertising reduced during the first lockdown.
To that end, the company showed a two-year growth rate, which showed digital revenue increasing 41.3%, while print was doen 24.3%.
Jim Mullen, Reach plc Chief Executive, said: “We have had a positive start to the year and are seeing the benefits of last year’s transformation programme.
“With digital now accounting for more of our advertising revenues than print and growing strongly, we are well placed to make further progress during 2021.
“We have a strong balance sheet and are now increasing investment to accelerate delivery of the Customer Value Strategy, focusing on the use of enhanced customer insight to drive engagement and support our medium-term objective of doubling digital revenues.”
The number of registered customers is now reported at 6.2m, up from 5.8m at the beginning of March. This has led to a high level of interest in the new portfolio of ‘plus’ products from advertisers.
Last month, Reach announced plans to have a Live site — its name for regional websites — serving every part of England and Wales by the end of the year.
More than 150 new local news jobs have been created since December, including doubling the size of the MyLondon team, and has launched new sites in Bedfordshire and Buckinghamshire this year.
Additional roles have been created in Birmingham, Cardiff, Liverpool and Manchester through the launch of district news teams. New district roles have also been hired in towns such as Cheltenham, Taunton, Warrington and Hartlepool.
In its latest hiring announcement, Reach confirmed it would be launching in Norfolk, Suffolk, Dorset, Wiltshire, Oxfordshire, Shropshire, Herefordshire and Rutland. New district launches are also planned in Lincolnshire, Devon, Somerset, Warwickshire, Worcestershire and Darlington.