Have we reached a turning point in digital growth? Paid Content reported today that the London-based international media group Future PLC managed to offset the decline in its print revenues in the UK with a rise in digital earnings.
The company has just published its Interim Management Statement, analysing its performance between 1 October and 31 December 2011. In the UK, where Future PLC has 75% of its business, digital circulation and ad revenues increased by 51% - enough to make up for a decline in print revenue. The company sees this development as "an important milestone in the evolution of the business".
However, Future PLC also notes that in the UK revenues did decline by 2%, but states that this was "chiefly as a result of the loss of a customer publishing contract".
In the US, revenue fell by 20%, as the company "anticipated", due to shinking print revenues and the closure of some publications. However, digital revenues rose by 24%, and the company claims that the growth in this area, along with cost-cutting measures and the sale of some US properties, should allow it to become profitable in the US again by 2013.