News Limited revenues fall 11%
Media giant News Limited has posted a $476.7m loss for the financial year.
Revenue at the publisher of The Australian, Herald Sun and Daily Telegraph fell by 11% – down from $2.9bn to $2.6bn for the financial year ending June 30, according to accounts filed with the Australian Securities & Investments Commission.
Staff numbers are also down, from 9,849 for the 2011 financial year to 9,543 this year – a drop of about 3%, Fairfax newspapers are reporting.
Falling advertising was blamed for the fall in revenue.
2013 is looking horrific for media and appalling for print.
What a good idea it was to put all their best content behind a pay-wall.
You couldn’t make circulation grow even if you made newspapers free. My local newsagency has been for sale for two years.