The Guardian is forecasting a £39 million full-year loss, as the advertising downturn continues to hit publishers.
According to Press Gazette, ad revenue plunged 16% to £9m in the nine months to 31 December. Digital reader revenue has also come in at 4% below expectations.
The media firm’s ad downturn was responsible for £12 million of a £17 million revenue shortfall for the first three quarters of its financial year.
The Guardian sales hit £192 million in revenue over those three quarters, down 5% (£10 million) year-on-year.
Subscribe to Marketing Beat for FREE
Sign up here to get the latest marketing news sent straight to your inbox each morning
Over the weekend The Sunday Times rreported that Guardian News and Media was now “braced for cuts”, and that Guardian editor Katharine Viner told staff they “should worry but not panic”.
Speaking to the paper, the firm said that they “currently have no plans for significant headcount reductions” but “have an obligation to manage the organisation as efficiently as possible”.
On the figures, a Guardian News and Media spokesperson said: “Our early diversification towards reader revenue means that we have made significant strategic progress and we expect it will generate close to £88m by Q4 2024.
“However, the downturn in ad revenues affecting all media organisations, from News UK to the New York Times, demonstrates why we must continue to adapt to changing market conditions and focus on delivering our strategy even more quickly.”
