Deeper integration and job cuts for FT in 2009
Posted by Bhamini .N on January 12, 2009 at 3:06 PM
With a memo by CEO John Ridding, citing "deeper integration of print and online teams" and "the launch of new digital publications" as new priorities for 2009, The Financial Times Group announced another 80 redundancies in its staff worldwide.
With several newspapers opting to go 'online-only", print and online
integration appears to be the key to survival for the media industry.
Various media groups around Europe and Asia have adopted this measure,
including The Guardian (UK) and Kauppalehti (Finland).
FT had already announced a layoff concerning 60 jobs back in October, according to paidcontent.org. This time around, FT is aiming to avoid overlaps with new business acquisitions by investing further in the online version and by "increasing subscriber base to drive content revenue" FT also envisions an online version of the profitable magazine, How To Spend It and a new China business report.
Even with Ridding's memo announcing that they "will reach one million registered users this month on FT.com this month" the year ahead looks precarious. And they are certainly not alone, as Douglas McIntyre, former President of Financial World Magazine, wrote for 247wallst.com, that 2009 looks dismal for the media world, with twelve major media brands likely to close.
Sources: paidcontent.org, guardian.co.uk, 247wallst.com
FT had already announced a layoff concerning 60 jobs back in October, according to paidcontent.org. This time around, FT is aiming to avoid overlaps with new business acquisitions by investing further in the online version and by "increasing subscriber base to drive content revenue" FT also envisions an online version of the profitable magazine, How To Spend It and a new China business report.
Even with Ridding's memo announcing that they "will reach one million registered users this month on FT.com this month" the year ahead looks precarious. And they are certainly not alone, as Douglas McIntyre, former President of Financial World Magazine, wrote for 247wallst.com, that 2009 looks dismal for the media world, with twelve major media brands likely to close.
Sources: paidcontent.org, guardian.co.uk, 247wallst.com
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