The results announced from Seven West Media include challenging numbers for Pacific Magazines, as reported by Mumbrella:
One of Seven West Media’s major areas of loss was Pacific Magazines, which reported annual revenue of $168m, down from FY16’s $201.2 (-16.5%) and EBIT fell 61.5% from $9m to $3m.
Lack of advertising spend and small circulation numbers were indicated as reasons for the decline. Pacific Mags’ cost-out programs reduced operating expenses by $28.9m.
However, digital revenue from Pacific Magazines climbed 26.3% to $16.8m.
Doesn’t take an Einstein to work out that Pacific revenues in 4 years since 2013 are down year on year by 8%.8%,9% and now 17%. Cumulatively they are down by 34%. Forget the growth in digital, overall revenues are accelerating and plummeting. The whole edifice will collapse in none to distant future. Hang on to your hats.
can’t wait the day , we don’t need to sell mags.
Eric that is silly. They provide a valuable base traffic.
Colin, yes revenue is down, it is on the public record. Pacific continues to invest in the channel. They are the only publisher that actively promotes traffic to newsagency businesses through regular out of store marketing. Their email and social media campaigns do work, they do drive in-store traffic for our channel.
Now, folks can talk them down all they like. In the meantime, the newsagency channel focussed team at Pacific continues to work hard on behalf of newsagents.