Trinity Mirror is set to close its new national daily The New Day after just nine weeks, as the publisher reports an -11% decline in print revenue for the first four months of the year.
Citing a “below expectation” circulation – which reports estimated decreased 25% within its first 10 days – The New Day will go to print for the last time on Friday 6 May.
“Although The New Day has received many supportive reviews and built a strong following on Facebook, the circulation for the title is below our expectations,” Trinity said in its latest company statement, published today.
“As a result, we have decided to close the title on 6 May 2016. Whilst disappointing, the launch and subsequent closure have provided new insights into enhancing our newspapers and a number of these opportunities will be considered over time.”
While no official circulation figures have yet been released, it is understood that on its first day of launch, when handed out for free, The New Day generated 150,000 sales. Reports suggest the title’s circulation will close with a circulation of 40,000.
Trinity’s publishing print ad revenue has fallen by -19% so far this year – down -16% in April alone – with overall group revenue down -8.6%. However, digital was up almost 16% during the same period.
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As part of Trinity’s efforts to revitalise its print strategy, which chief executive Simon Fox said remains a “core part” of the business, The New Day went to print on 29 February – the first standalone national daily newspaper for 30 years.
“Over a million people have stopped buying a newspaper in the past two years but we believe a large number of them can be tempted back with the right product,” Fox said.
“Revitalising print is a core part of our strategy in parallel with digital transformation and there doesn’t have to be a choice between the two – newspapers can live in the digital age if they have been designed to offer something different.”
The newspaper was set to run at 25p for two weeks and 50p thereafter; however, Trinity decided to freeze the cover price at 25p, which the publisher told Newsline was not a direct result of a decline in sales.
While The New Day never had a dedicated website – with its online presence relying solely on Facebook – Trinity said it will continue to focus on growing its digital audience and revenue across other titles; and that overall performance for the year is “in line” with market expectations.
Shares in the group rose more than 6 per cent after the news, to 120p.
