Will the news boom prevent more media outlets going bust? – By Mark Sweney (The Guardian) / April 4, 2022
Analysis: newspapers have attracted record numbers of readers seeking trusted sources in uncertain times
From the pandemic and the war in Ukraine to the Westminster partygate saga, newspapers are benefiting from a financially lucrative news boom. However, is the news industry enjoying a one-off blip in the battle for survival against big tech, or is this proof that publishers have finally forged commercial models fit for the new media age?
In a sign of the shifting fortunes amid unprecedented news events, Rupert Murdoch’s Times and Sunday Times last week reported a doubling of operating profits to their highest level since 1990 and the Sun, a one-time cash cow turned high-profile casualty of the digital age, is within £1m of returning to operating profit for the first time in a decade.
The papers’ parent company, News Corporation, where executives have seen the market value double to $13bn (£9.9bn) since 2019, is the latest to reveal the significant financial boost thanks to news-hungry readers seeking trusted media outlets during uncertain times in record numbers. Other major news organisations are also enjoying a revival in fortunes.
