Europe’s largest newspaper publisher Axel Springer has declared that, with regard to the slump in adspend, there is still no light at the end of the tunnel.
Suffering from what ceo Mathias Döpfner branded the biggest crisis to hit print media since the Second World War, Springer saw ad revenues tumble around 9% in the first four months of the year and says there are as yet no signs of recovery.
Consequently, the publisher – owner of daily German papers Bild Zeitung and Die Welt – is pessimistic about its chances to increase full-year revenues in 2002, despite a 3% increase in sales income between January and April following price rises.
However, Springer still expects to increase operating earnings for the year, albeit modestly, and return to a net profit after posting the first loss in its history for 2001.
Data sourced from: Handelsblatt (Germany); additional content by WARC staff