Postmedia reports second quarter loss, decrease in ad revenue
Postmedia Network has reported its second quarter results for a net loss of over $11 million, and revenue that sits 7.6 per cent below where it did in the same period last year.
A release from Postmedia says that the $16.4 million decline in revenue can primarily be attributed to a 10 per cent decline in print advertising revenue, with the national category seeing the largest declines. Digital ad revenue – upon which many news organizations’ future revenue hopes are hinging – rose a mere $100,000, or 0.5 per cent from the same quarter last year. That said, Postmedia says that they saw an increase in local digital ad revenue, but that it was offset in a decrease in national revenue in the same quarter.
The announcement comes despite the fact that in this quarter ending Feb. 29, Postmedia’s Glen McGregor and Stephen Maher broke the Robocalls story. Though, the initial Robocalls story was published Feb. 22 and it took some time for the duo to break more stories surrounding the automated call scandal and for the issue to pick up steam in Parliament and elsewhere in the media.