The company operating the US magazine Newsweek indicated Wednesday the venerable publication is likely to go digital to stem its losses and could undergo other changes by next year.
Barry Diller, chairman and chief executive at the conglomerate IAC, said his firm is looking at options now that its partner in the Newsweek/Daily Beast operation has pulled out.
“The transition will happen, I’m not saying it will happen totally but the transition to online from hard print will happen.” (Barry Diller – Newsweek)
Also The Financial Times books a strong transition to digital. The FTâ€™s digital readership continues to grow strongly, with FT.com subscriptions up 31% year on year to over 300,000 and registered users increasing 29% to 4.8 million. Our global paid-for circulation increased to almost 600,000 year on year, and corporate licenses grew 40% to nearly 2,300. Our average daily global audience grew to close to 2.1 million, with the number of people who read the FT on more than one channel rising 27%. We have achieved this growth while maintaining a robust print circulation business with growing revenues.
FT CEO John Ridding said: â€œThe FTâ€™s successful financial performance underlines our ability to adapt to a rapidly changing environment, as well as our investment in new products and services for an increasingly multi-channel audience. Our growth in this tough climate reflects the measures we took early on, especially to build our content revenues and to drive digital and mobile delivery.â€
Mobile continues to boost our digital audience, generating 25% of traffic to FT.com and driving 15% of new subscriptions. The FT web app now has over 2.7m users since launching little more than a year ago.