Facing what it called "a significant decline in advertising revenues" as a result of the COVID-19 pandemic, Meredith Corp. says it's implementing sweeping pay cuts across 60% of its approximately 5,000 employees, suspending quarterly dividends and withdrawing the 2020 fiscal outlook it communicated to investors on its most recent earnings call in early February. Effective May 4 and continuing through early September, 45% of the company (approximately 2,250 staffers) will have their pay reduced by 15%, while an additional group representing about 750 of the company's highest-paid employees will see pay cuts starting at 20% and ranging up to 40% for president and CEO Tom Harty and the Board of Directors. Salaries for the remaining 2,000 or so employees will not be impacted. Additionally, Meredith says those employees whose salaries are being reduced will be given one day of unpaid leave per week until September 4. Effective immediately, the company is also implementing a wage, salary and hiring freeze as well as "a significant reduction in temporary and freelance usage." "The COVID-19 crisis has created an extremely challenging business environment, including significant advertising campaign cancellations and delays," said Harty in a statement. "While our financial position is strong, given the impact on advertising—which represents approximately half of our revenue mix—we are proactively taking aggressive actions to strengthen our liquidity and enhance our financial... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-04-20 17:45:12 UTC ]
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Most publishers want to wean themselves off display advertising, and content studios are where the biggest growth opportunities lie. For Conde Nast Britain, native advertising revenue has mushroomed in the last six months, since it set up a dedicated custom content team. It's the data analysts... Continue reading at Digiday
[ Digiday | 2016-11-28 00:00:00 UTC ]
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Global revenues at Penguin Random House fell 10.7% year-on-year in the first half of 2015 due to lower ebook sales. Continue reading at The Bookseller
[ The Bookseller | 2016-09-01 00:00:00 UTC ]
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Overall digital sales at Penguin Random House are on a “positive path forward,” the company’s global c.e.o Markus Dohle has said in a letter to staff, despite the company’s first half results showing a decline due to lower ebook sales. Continue reading at The Bookseller
[ The Bookseller | 2016-09-01 00:00:00 UTC ]
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Wattpad is allowing writers to generate income from stories posted on their site through external adverts. Continue reading at The Bookseller
[ The Bookseller | 2016-08-18 00:00:00 UTC ]
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The online reading and writing community is launching Wattpad Futures, a program that will run paid advertising in a selection of the stories posted on its website. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-08-17 00:00:00 UTC ]
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News Corp., the Wall Street Journal and New York Post publisher controlled by billionaire Rupert Murdoch, reported fiscal fourth-quarter profit that missed analysts' estimates as a decline in ad sales outweighed an increase in digital revenue in its real estate business.Earnings, excluding some... Continue reading at Advertising Age
[ Advertising Age | 2016-08-09 00:00:00 UTC ]
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As a "digital-first company," Time Inc. is now trying to keep pace with tech giants like Google, Facebook, and Comcast, in addition to fellow magazine publishers like Hearst and Cond Nast.That's one of the big reasons why Time Inc. is embracing a category-focused, more streamlined approach to... Continue reading at Advertising Age
[ Advertising Age | 2016-08-03 00:00:00 UTC ]
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Many digital media businesses chase readers on the largest scale possible, all the better to attract advertisers that want to spread their messages widely. But big reach comes at a cost -- in quality, in resources -- that isn't always justified by the ad rates online.Unfortunately the niche game... Continue reading at Advertising Age
[ Advertising Age | 2016-07-15 00:00:00 UTC ]
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In a major expansion of the Facebook Audience Network, Facebook is now extending its capabilities by adding pre-roll, mid-roll and post-roll video ads for brands advertising on third-party publishers websites and apps. Third-party publishers such as USA Today Sports Media Group and Daily Mail... Continue reading at AdWeek
[ AdWeek | 2016-05-16 00:00:00 UTC ]
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Changes in technology like ad blocking, and the dominance of platforms like Facebook leave many publishers unsure of how they will make money. Continue reading at The New York Times
[ The New York Times | 2016-04-18 00:00:00 UTC ]
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The digital media company is ‘very comfortable’, it told the Financial Times, despite a report that internal financial targets were missed by over $80mBuzzFeed missed internal financial targets in 2015 and had to substantially cut its projected revenue by about half according to a report... Continue reading at The Guardian
[ The Guardian | 2016-04-13 00:00:00 UTC ]
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Lexus dealers were so unnerved by online ad fraud a couple years back that they began urging Monica Mellier, group media director at the agency Team One, to redirect their ad dollars from digital media to legacy platforms such as TV or outdoor signs."We had a lot of conversations about how we... Continue reading at Advertising Age
[ Advertising Age | 2016-04-07 00:00:00 UTC ]
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"We know magazines work and we're willing to put our money where our mouth is," Meredith's Britta Cleveland tells Folio:. The post Major Publishers Bet on Power of Print Ads with Money-Back Guarantee appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-02-12 00:00:00 UTC ]
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Shares of News Corp., controlled by billionaire Rupert Murdoch, had a record decline after the publisher of the Wall Street Journal and New York Post reported fiscal second-quarter profit that missed analysts' estimates.Earnings, excluding some items, were 20 cents a share in the period ended... Continue reading at Advertising Age
[ Advertising Age | 2016-02-06 00:00:00 UTC ]
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Facebook is expanding its ad network from just third-party apps to the mobile Web. The Menlo Park, Calif.-based company will begin making its Facebook Audience Network available for publishers and advertisers outside of publishers' native apps. The Audience Network for the mobile Web will... Continue reading at AdWeek
[ AdWeek | 2016-01-27 00:00:00 UTC ]
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Brands are just starting to play with Facebook's full-screen mobile ads, but Wendy's social marketers already seem to be having lots of fun with the new format. The fast-food chain is running a campaign that uses a combination of photos, videos and GIFs to show how each layer of its hamburgers... Continue reading at AdWeek
[ AdWeek | 2015-10-19 00:00:00 UTC ]
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The magazine industry, which has been increasingly emphasizing its digital reach, is making a new play to backstop advertising in its print editions, forging an "industry-wide" guarantee that ad pages will achieve sales results for marketers. If those results don't materialize, qualifying... Continue reading at Advertising Age
[ Advertising Age | 2015-10-13 00:00:00 UTC ]
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Search company unveils Accelerated Mobile Pages in bid to work with publishers, ad companies and rival platforms Google is attempting to counter the threat from ad-blocking and rivals Facebook and Apple by radically improving the loading speed of web pages on smartphones and tablets.Accelerated... Continue reading at The Guardian
[ The Guardian | 2015-10-07 00:00:00 UTC ]
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In July, Facebook made a big move into YouTube's turf with plans to launch Suggested Video—a feed of curated video clips from brands like Funny or Die, the NBA and Tastemade. After a small test over the past three months, it's now showing up in more mobile news feeds. Clicking on a video from a... Continue reading at AdWeek
[ AdWeek | 2015-10-03 00:00:00 UTC ]
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It's a big problem for the magazine industry and it doesn't show signs of slowing down. The post Ad Blocking is Eating Up More than $20 Billion in Global Revenues appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-08-12 00:00:00 UTC ]
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