How the Guardian Returned to the Black
SMU-19-0XXX UNITED WE THRIVE: HOW THE GUARDIAN RETURNED TO THE BLACK We have to get over this journalistic arrogance that journalists are the only people who are figures of authority in the world. If you can open your site up, and allow other voices in, you get something that’s more engaged, more involved – and actually, I think, journalistically better. - Alan Rusbridger, former editor-in-chief, The Guardian1 As the Guardian Media Group (GMG) senior management team members began celebrating at their King’s Cross, London office, Chief Executive David Pemsel sank onto his chair, still trying to absorb the news. Almost three and a half years after he and Katharine Viner, Guardian News and Media (GNM) Editor-in-chief, had launched a turnaround strategy for The Guardian, it was now the most read quality news brand in the UK.2 The loss-making British media group had also finally turned the corner in May 2019. In January 2016, Viner and Pemsel had announced a three-year business plan to enhance operating efficiency, reduce costs and secure new growth opportunities.3 Some of their key objectives included reducing losses and aiming to break even at an operating level by 2018/19, relaunching an enhanced membership offer to double reader revenues, implementing an advertising model that tracked market trends, and focusing on growing its US and Australian operations, so as to raise their contribution to the overall business.4 The results were nothing short of spectacular. GMG’s revenues for 2018/19 hit £224.5 million (US$288.31 million5), a rise of 3% from 2018.6 This was the third successive year that revenue growth was buttressed by reader revenues, digital advertising and its international operations.
[Show full text]