Younger readers buying online subscriptions to newspapers and magazines have helped boost digital publishing sales.
Revenues increased by 31.9 per cent to £152 million in the first quarter of this year, compared with a year ago, according to an index from the Association of Online Publishers (AOP) and Deloitte.
The majority of revenue came from display advertising, rising by 4.7 per cent to £53.6 million. Revenue from subscriptions, though, jumped 48.8 per cent to £33.3 million.
Dan Ison, lead partner for telecommunications, media and entertainment at Deloitte, called the subscription revenue growth “staggering” and a “clear sign that the industry may be building back stronger” after the pandemic’s impact. In the first quarter of 2019 before the pandemic it had risen by 4 per cent.
He said that data from Deloitte’s research into digital consumer trends found that consumers aged 18 to 24 are the most likely to have access to a paid news-site or magazine subscription.
“Galvanising loyalty particularly among this age group should remain a key priority for publishers,” he said.
The AOP represents digital publishing companies, including Capital Business Media, publishers of Business Matters.
The report involved 16 publishers, including business-to-consumer and business-to-business operations.
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Young drive online rise for newspapers and magazines