Jim Mullen, CEO of Reach, has projected that the publisher's print titles, including the Mirror and Express, could become loss-making in six to eight years. Despite this, Mullen remains committed to the print business, asserting it still generates substantial revenues. Reach is transitioning towards a digital-first approach, with print operations currently seeing a decline in sales but offset by reduced costs. Recently, Reach's digital income experienced a 2.1% growth, in contrast to a 17% drop in print sales, underscoring a strategic pivot to adapt and thrive amid changing media consumption patterns.
Jim Mullen, the chief executive of Reach, emphasized his commitment to maintaining a declining print business for its historical value while actively pushing a digital-first strategy.
Despite the projected decline in print profitability, Mullen views the print operations as still generating significant revenues, with 406 million reported last year.
Mullen noted that as print sales decreased, the company's cost base contracted as well, indicating a shift towards greater operational efficiency amidst digital growth.
The newspaper group reported 17% decrease in print sales, yet recorded a slight growth in digital income, reflecting a strategic pivot towards digital platforms.
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