Put 2024 down as the year digital and ‘other’ revenues brought in more for publishers than print-based sources.

This year’s WAN-Ifra World Press Trends Outlook report marks that milestone, with publishers’ revenue structures becoming more diversified and less reliant on traditional print sources.

WAN-Ifra’s Teemu Henriksson says the decline underscores a major shift in the industry, as publishers increasingly tap into digital and alternative revenue streams to stabilise their businesses in a rapidly changing media landscape.

Findings are based on insights from over 240 senior media executives across 85 countries. The full report is available only to members.

Highlights include:

-revenue structures evening out. Although print continues to decline as a proportion of total revenue, it is still the largest source of income for respondents. On average, print circulation and advertising together account for almost 45 per cent of respondents’ revenues, the first time this figure has fallen below 50 per cent.

Growth in other areas is at least partly compensating for the losses in print. Digital activities now account for more than 30 per cent of total revenue, up about seven per cent since last year, with digital circulation and advertising contributing equally to bottom lines.

‘Other’ revenue sources (those not related to circulation or advertising) also show significant growth, and now account for 23.8 per cent, up five per cent.

“It is also worth noting that, on average, ‘other’ revenue sources now bring in as much revenue as print circulation,” says Henriksson.

-events remain a revenue driver, with 29 per cent of respondents citing events (in-person and online) as a significant additional revenue stream.

Publishers are also experimenting with a range of activities to create new revenue sources: grant funding has become an important – though still relatively small – source, and many publishers are also generating significant income from business services.

-editorial and content production costs now account for almost 37 per cent of average total costs (up almost nine per cent), while print production costs continue to fall as publishers streamline their print logistics and some reduce their print runs. Print costs are now 15 per cent of total costs, down from 17.8 per cent last year.

Respondents also said they spent less on product development than in 2023, 6.9 per cent from 12.8 per cent the previous year; perhaps because of many publishers refocusing on maintaining and developing existing products rather than building new ones.

-media-tech relationships shifted with a focus on GenAI firms; generative AI platforms emerged as the sector with which respondents said their relationships had improved the most, an interesting top-line result, given the media industry appears divided on how to engage with this emerging segment of the tech industry. Relationships with messaging and video platforms improved the most. For the former, this is likely to be in the context of publishers increasingly focusing on direct communication tools, while video’s position is in line with another question, where video emerged as an important area for publishers to invest in.