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Cost cuts loom at The Guardian amid widening losses

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Published Time: 11.02.2024 - 16:40:12 Modified Time: 11.02.2024 - 16:40:12

Newspaper forecasts a £39m loss amid a drop in demand from digital advertisers Employees at The Guardian are preparing for cost cuts as the newspaper warned it is forecast to make a £39m loss

Newspaper forecasts a £39m loss amid a drop in demand from digital advertisers

Employees at The Guardian are preparing for cost cuts as the newspaper warned it is forecast to make a £39m loss.

Bosses revealed the financial challenges facing the business at a meeting last week, as they laid bare the impact of reduced revenues caused by a downturn in the advertising market. 

The publisher said it had lost £36m in the first nine months of 2023, with a further £3m loss expected by the end of the year.

The paper, which does not charge for online access, has been hit hard by a drop in demand from digital advertisers.

Looming cuts at The Guardian would follow sweeping layoffs at competitor Reach, which runs the Mirror, the Express and several regional titles.

The Scott Trust, a charitable organisation that owns both The Guardian and its sister paper, The Observer, considers the current financial situation “beyond acceptable or sustainable”.

Katharine Viner, editor-in-chief, has tried to ease concerns, according to The Sunday Times, telling staff that they should: “Worry, but not panic.”

Monday to Friday editions of the paper cost £2.80 following a price increase last April, while Saturday Guardian and Sunday Observer rose to £3.80. 

A £15 monthly subscription is also available but the Guardian’s online content is not by a paywall and is free to read. 

Pop-ups asking for donations frequently appear for readers but they can be dismissed without payment. 

The newspaper does generate revenue from other sources, including a crossword app. It is also planning to launch a paid-for recipe app, Feast.

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