Digital advertising generated 80% of The Guardian and The Observer‘s ad revenues during the last financial year, the newsbrand’s parent company, Guardian Media Group, has revealed.
According to statutory figures published by the group this week, advertising accounted for 40% of total revenues for its Guardian News and Media subsidiary, remaining the publisher’s largest single revenue stream.
GNM’s revenues grew 3% overall to £224.5m, with print advertising accounting for just 8% of income.
The group also confirmed that GNM had managed to achieve an operational profit of £800,000 after years of operating at a loss, which was first announced following the release of prelimary figures in May.
Guardian Media Group now makes 56% of its revenues through digital streams, including advertising, subscriptions and reader contributions.
The Guardian had 655,000 regular paying supporters with an additional 300,000 one-off contributors in the 12 months to March 2019.
Guardian Media Group chief executive David Pemsel said: “Achieving a third successive year of revenue growth and meeting our break even target for GNM is a tribute to everyone within our organisation. GNM has been transformed in the last three years into a more reader-funded, more digital and more international business.
“Going forward we have a clear strategy and a set of strengths which will help ensure the Guardian’s sustainability despite the ongoing challenges in the global media sector.”
Breaking even marks the successful completion of the publisher’s three year turnaround strategy. In April, Pemsel and the Guardian’s editor-in-chief Katharine Viner announced their targets for the next three year, including reaching two million paying supporters by 2022 and achieving financial sustainability.
