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Reach, the UK’s largest commercial news publisher of titles such as Mirror and Express, blamed a strategic decision by Facebook to exit news distribution for a drop in digital revenue in the first half.
Reach said pretax profit was 6.7 million, down from 32 million for the same period last year. Revenue fell 18 million, or 6.1%, with print revenue down 2.7% and digital revenue down 16.1%.
The publisher said it faced significant external headwinds, which inflated operating costs and suppressed revenue growth.
Digital sales were hit by a drop in traffic partly as a result of recent changes to Facebook’s News Feed, including the decision in April 2023 to shut down Instant Articles, a mobile-friendly format that quickly loads news articles on the Facebook app, which led to a significant drop in the number of readers referred to its news sites.
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