NZME to introduce freemium model as profits fall 53%
NZME, whose proposed merger with Fairfax-owned Stuff NZ is still with the High Court, has reported an after tax profit of $3.7m in the first half, a heavy 53% fall from previous corresponding period.
NZME publishes the NZ Herald
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 18% to $23.2m with revenue down 3% to $185.7m.
The results came as the publisher of the NZ Herald said it will press ahead with its freemium model in the second half of the year. News and current affairs on its digital mastheads will remain free but “premium, in-depth analysis and opinion” will only be available through subscription.
Doomed to fail, they don’t have any “premium, in-depth analysis and opinion” to pay to read, sadly. Oh, except for Simon Wilson’s columns, he’s great.