Advertising revenue at regional publisher Newsquest has fallen by nearly eight per cent in the last three months of 2010, according to Hold the Front Page.
Despite the fall in traditional advertising revenue, digital revenue has increased, claims Newsquest’s parent company Gannett.
Retail advertising revenue fell by 5.9 per cent, while national advertising shrank by 1.6 per cent. Classified advertising revenue saw the worst decrease, falling by 10.2 per cent compared to the same period in 2009.
Last week, staff at Newsquest publications were reportedly asked by bosses to take a week’s unpaid leave in order to help cut-costs during what Newsquest has called “an extremely challenging year”. This was revealed just weeks after Newsquest staff were granted a two per cent pay increase after having pay frozen for nearly three years, despite the company’s highest paid director taking home a reported 21.5 per cent remuneration in the last year.
(Source: Hold the Front Page)