(qlmbusinessnews.com Thurs. 30th May, 2024) London, UK —
The Evening Standard to Transition from Daily to Weekly Print Edition.
The Evening Standard newspaper has announced its decision to cease its daily print edition and transition to a weekly format.
Founded in 1827, the London-based paper became a free publication in 2009. However, changes in work habits and the increased availability of wi-fi on the Tube have negatively impacted its circulation and financial performance.
In an email to staff on Wednesday, the company outlined plans for a “proposed new weekly newspaper” to replace the daily edition.
The newspaper's circulation has plummeted from 850,000 to 275,000 over the past five years, and it has incurred losses of £84.5m in the last six years.
The Evening Standard, originally known as the Standard, was launched 197 years ago, with its evening edition debuting in 1859. Businessman and former Russian intelligence officer Alexander Lebedev, along with his son Evgeny, acquired the paper in 2009. Their decision to make it a free publication boosted circulation from approximately 250,000 to much higher levels, relying on advertising revenue instead of cover price sales.
Despite remaining free, circulation has now dwindled to just above its 2009 levels. New editor Dylan Jones reportedly accepted his position last year on the condition that the print edition would not be discontinued. However, he recently admitted to the Press Gazette that he “never” reads a print newspaper.
The Lebedevs also purchased the Independent in 2010, eliminating its print edition entirely six years later. The Standard's email to staff referenced the Independent's successful transition to a digital format, noting its growth in readership and commercial success.
The Evening Standard's digital platforms attract 12 million users monthly, with half of the traffic coming from outside London and overseas. The company plans to reinforce the relationship between its digital content and the new weekly print edition through a “new commercial approach.”
“This new combination aims to deliver our world-class content to a broader audience, while collaborating with advertisers to reach this audience in the most accessible, creative, and relevant manner,” the email stated.
Details regarding potential job losses were not disclosed.
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