Newspaper company income is set to fall 17% this year as the advertising market continues to contract, according to a new report by accountants group PricewaterhouseCoopers, quoted in the Telegraaf.
While advertising sales fell 0.2% to €1.6bn last year, this year newspapers will be much harder hit by the switch to internet advertising, PWC said.
‘It is not so much the economic crisis but the changing behaviour of consumers and therefore advertisers which is forcing the sector to change,’ one PWC media specialist told the Telegraaf.
Magazines will also be hard hit, with a decline in advertising sales of 14.5% this year, the report said.
Meanwhile, publishing group Reed Business is to pull the plug on its weekly business magazine FEM after 28 years. The company said it is no longer possible to make a profit from the magazine, which has a workforce of 18 and circulation of 17,000.
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