A dramatic decline in advertising revenue contributed to a “painful” year for The Economist as it suffered an 11% drop in profits despite raising subscription prices by 20%, reports The Independent.
In its annual report, the weekly magazine said nearly 20% sales came from advertising, compared with
23% in 2015 and 40% seven years earlier.
“A significant price rise was introduced early in the year and expertly handled so that there was little impact on total volume or new starts,” Chris Stibbs, chief executive of the magazine said.
The company said it had “seemed immune” to the global advertsiing decline in the first five years, but added that “the virus eventually caught up with us, and how”.
Rupert Pennant-Rea, the chairman, wrote that “last year was painful”
.-RW
Agreed. The Economist is great if you know to look beyond the propaganda.
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