Tomorrow's Business Today
The Independent has a crack at the USA
How goes Daily Mail plans to conquer America?
Some teething problems I gather.
The Hollywood Reporter does a job on The Mail (of which The Mail would be proud), in a piece that asks “Are the wheels falling off?”
It’s a fun read. If you have ever had reason for a grudge against that paper, pour yourself a glass of something cool and enjoy.
It ends: “The Daily Mail declined to comment.”
No, I wouldn’t think so.
Last month both The Sun and The Mail cut jobs in the US, with some citing the end of the “traffic era” – the idea that if you pump enough stuff out and get enough clicks you can make cash.
As a hack, if that era really is over, thank God for that.
Trying to turn clicks into cash has always looked like a fool’s game, at the mercy of the whim of algorithms at Google and Facebook.
At some point, most UK media brands have become convinced that an audience of US readers awaits.
It’s an appealing notion to UK editors that pots of gold are lying around New York City, unlikely as this seems.
The London Evening Standard, don’t forget, can’t even crack London.
The Guardian probably has the most successful US arm, but it has been going since about 2008 and the bumps on the road were plentiful.
It has had major scoops and a great team. And it still struggled to differentiate itself in a massive market.
Lately, the big hits in US journalism are one-person shows – newsletters and substacks, that are very difficult to PR, besides anything else.
Still, today comes heartening news from The Independent, which has somehow found a way to profit and plans to expand in the US.
For the year to December, revenues rose from £46m to £56m, leading to a £3.5m profit.
That makes The Indy a small concern from a business point of view, but that it is still alive, never mind turning a profit, is something of a miracle.
The Indy already has 50 US hacks, which is a sizeable newsroom on its own. There are plans to grow further, aiming to turn reader growth into revenue growth.
Maybe it spies an opportunity opened-up by the cuts at The Mail and The Sun and thinks its brand will play much better there.
Or maybe it is swimming dangerously against the tide.
Either way, hacks and flaks should wish it well. Perhaps folk who wrote The Indy off a while ago, might have to write it back on.
Please send candidates for press release of the day to: Simon.english@roxhillmedia.com
Press release of the day
Just two companies listed on London stock markets in the third quarter says this from EY, raising just £65 million.
Those figures put added pressure on the London Stock Exchange, which is seeking all sorts of concessions from the government to boost listings.
As EY notes, other regions are enjoying “double-digit growth in both number of listings and IPO proceeds in the first three quarters of 2024”.
Scott McCubbin at EY says: “During the quarter we also saw measures to simplify the UK listing regime take effect aimed at making London more attractive for businesses seeking to go public. These reforms have been largely welcomed but it remains to be seen how quickly they will have a material impact on listing activity this year.”
Stories that will keep rolling
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