Mass Media holding company, Gannett, which owns 200+ other daily publications, and a plethora of weeklies and also is the holder of USA Today, owing to record numbers for its digital subscription enrollment saw a spike in its profit, for a second straight quarter.
The company reported a net income of $15 million until Sept 30. This is significant as it has been profitable for the first time since its merger with New Media Investment Group, in 2019, and formerly know Gannett.
The Chairman and CEO of Gannett, Michael Reed had stated in January that the company realising ng the growth potential in the digital subscription space, as the new behavioral change aimed to amass 10 Million digital Subscriptions in the coming 5 years. Through the subscription, the users shall get access to their premium content, as launched in early 2021.
“Nine months ago, we outlined a long-term vision for growth at Gannett. While we are still in early stages, the strong growth in digital-only circulation and digital marketing solutions confirms we are on the right path,” Reed had stated.
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The change can be observed as revenue from advertising and marketing services increased by 5%, while revenue from circulation shrunk by 8.2%. However the biggest boost was in digital sales, a whooping 17.8% amounting to $265 Million.
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