By Kevin McCauley
The Economist Group today reported a record year as fiscal 2012 operating profit rose six percent to $107.7M on a four percent revenue rise to $578.9M.
Its flagship weekly business/political magazine wrapped up March with a 1.6M circulation; 123K of that amount was digital.
Circulation revenue from The Economist and related publications The World In and Intelligent Life rose six percent, while ad revenues advanced two percent.
John Micklethwait, editor-in-chief of The Economist is reassured that “even in these difficult times ever more people want to read us -- and are prepared to pay for it.”
TEG sees the transformation from the web to tablets and smart phones as the age of “lean back reading.”
Andrew Rashbass, CEO of TEG, notes that people thoroughly read content on new devices rather than the “snacking, browsing and sharing” of content on the web.
That gives an opportunity for the TEG and other media companies to smarten up rather than dumb down content, according to a statement from Rashbass.
TEG also is parent of Roll Call, Congressional Weekly, European Voice and EuroFinance.
In March, TEG acquired TVC Group, a London-based marketing communications shop with more than 50 staffers and a client list that includes Coca-Cola, British Gas, Louis Vuitton and Jaguar Land Rover.
The deal enables TEG to market “beyond the page” offerings such as event sponsorship, thought leadership and digital advertising.
Edelman handles PR for TEG.
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