London’s iconic Evening Standard newspaper is set to end its daily print edition after almost two centuries. The publication will transition to a weekly edition, citing the impact of remote work and widespread wi-fi access on the Tube as key factors.
Blame on Remote Work and Tube Wi-Fi
The Evening Standard attributed its decision to the significant shift towards working from home and the increased availability of wi-fi on London’s Underground. These changes have drastically reduced the number of commuters, leading to a decline in the newspaper’s circulation.
Free Distribution and Circulation Challenges
Traditionally, the Evening Standard has been distributed free of charge at Underground stations from Monday to Friday. However, the reduction in commuter traffic and changing consumer habits have posed significant challenges to its distribution model.
Substantial Financial Losses
In a memo to staff, company chairman Paul Kanareck revealed that the newspaper had been incurring substantial losses. The most recent financial results showed an operating loss of £14 million, a 17 percent increase from the previous year.
Strategic Shift to a Weekly Edition
Mr. Kanareck informed the company’s 220 employees that the transition to a weekly edition is part of a strategic effort to reshape the business, return to profitability, and secure the long-term future of the Evening Standard as London’s leading news brand.
Focus on In-Depth Analysis and Lifestyle Content
The proposed weekly edition will feature more in-depth analysis and will include relevant lifestyle, sports, and culture guides along with the news. This approach aims to offer readers a more comprehensive and engaging product.
Learning from The Independent’s Success
Kanareck acknowledged that the transition might be unsettling but expressed confidence in replicating the success of their sister title, The Independent. The Independent experienced growth in readership and commercial success after its strategic shift in 2016.
Ownership and Future Plans
The Evening Standard is owned by Evgeny Lebedev, who also holds a share in The Independent. The plan to switch to a weekly edition is intended to stabilize the Evening Standard’s financial performance and adapt to the changing media landscape.
Decline in Daily Circulation
The newspaper’s daily circulation has seen a significant decline, dropping to 275,000 copies from its peak of 900,000 in 2016. This decline underscores the challenges faced by traditional print media in the digital age.
Consultations and Restructuring
The company plans to consult with staff and external stakeholders to effectively manage the transition and ensure the publication’s continued relevance and profitability in a rapidly evolving market.
Business News