Future Publishing has had a hard year; profits dropped from £9.5 million to £3.7 million (a loss of 61 percent) in the fiscal year that ended September 30, 2009.
Global revenues for the official magazine company of all three major console manufacturers are down as well, 13 percent to £153.1 million. See what happened after the jump.
Future CEO Stevie Spring explains the problems, and gives a bit of a view of Future’s future:
The year was a tale of two markets. Our larger UK business out-performed the market, increasing profits despite a relatively modest revenue decline. Our US business experienced a very difficult year - hit by a general advertising market in freefall and unprecedented disruption at newsstand.
… Our immediate priorities in 2010 are to carry through the measures we’ve introduced to strengthen our US business, and to navigate the near-term global economic challenges. Trading for the new financial year has continued to be challenging, both in the UK and the US and we expect conditions to remain difficult in 2010. So we’re taking a cautious view.
The numbers: UK revenues down 8 percent to £106.5 million, and U.S. revenues down 22 percent to £47 million.
The instant gratification qualities of the Internet are slowing killing all print sources; newspaper and magazine publishers will have to shift their focus away from up-to-the-minute news headlines if they hope to remain viable. Wish them luck – nothing beats a glossy rag on a cross-country flight.