Future claims 'milestone' as digital offsets print decline

Leisure and specialist interest publisher Future has claimed "an important milestone in the evolution of the business", with digital revenues growing fast enough to offset the decline in print.

The group, which publishes titles including Total Film, Classic Rock and GamesRadar.com, saw digital revenue grow by 41 per cent year-on-year in the last quarter of 2011.

UK digital circulation and advertising revenue was up 51 per cent in the same period, according to a trading update issued today.

The group said print sales would remain challenging, but it expected digital revenue "to maintain a vigorous growth rate".

"We expect revenues from tablets and other mobile devices to show continued growth as the number of devices proliferates," the group said.

Future has 65 digital editions on sale through the Apple Newsstand and claims 430,000 digital magazine sales to date. It reported six million app downloads in the first six weeks since it launched last October. Some 80 per cent of downloads are outside the UK and 90 per cent are to new customers, according to today's release.

Future chief executive Mark Wood said: "The new management team is delivering fast digital growth and restructuring our US business in line with the strategy outlined in November. We are pleased that cost-saving initiatives have fully offset the anticipated reduction in revenues.

"We are starting to see a significant change in the shape of the business as our digital innovation enables us to reach entirely new consumers in global digital markets. The period has confirmed Future's position as a recognised leader in the transition to digital publishing."

Mike Goldsmith, editor-in-chief of iPad and tablet editions at Future, told last week's news:rewired journalism conference that "digital replicas look beautiful, are very important for consumer magazines and encourage people to actually pay for content".

Free daily newsletter

If you like our news and feature articles, you can sign up to receive our free daily (Mon-Fri) email newsletter (mobile friendly).