Tortoise losses race ahead | Ian Birrell interview | New European sues Mone | Top 50 US websites
And if you can spare it, please make a donation to the Journalists' Charity
Good morning and welcome to your daily media news briefing on Friday, 22 December (your last Press Gazette newsletter of 2023).
Tortoise Media may give us the news slowly, but it has been racking up losses at a growing pace according to its first published accounts.
The brand, which now focuses on audio and events, generated revenue of £6.2m in 2022 but made a loss of £4.6m (in what was a pretty good year financially for most news media). They’ve won plaudits and awards with their investigations and found a mass audience with their podcasts. But four years on from launch they still look to be a long way from breaking even.
Today we also have the latest top 50 US news websites ranking which reveals sharp year-on-year traffic declines for most in November in the wake of some major Google algorithm updates.
And we have an interview with the winner of this year’s British Journalism Awards Public Service prize - Ian Birrell.
From the frontline of the war in Ukraine to the attacks on the rights of LGBT Italians, Birrell ranges across features, news and comment as a buccaneering and globe-trotting freelance. He explained why, despite the many challenges facing our industry, he is excited and optimistic about the future of journalism.
The Press Gazette team will be taking a break after today until the New Year. To all our sponsors, subscribers and readers I’d like to thank you for your support and wish you a happy Christmas and a peaceful and prosperous 2024.
If you are a journalist in need of financial assistance over Christmas, the Journalists’ Charity may be able to help with a grant to help you and your family.
All Press Gazette’s content is available for free, but if you would like to show your appreciation for what we do I’d like to invite you to donate to the Journalists’ Charity here.
New from Press Gazette
Tortoise Media reports growing losses of £4.6m in first full accounts
The company said the loss represented the costs of investing in the business.
Top 50 news websites in the US: Most sites see steep year-on-year declines
Press Gazette's monthly ranking of the top 50 news websites in the US, using Similarweb data.
Ian Birrell says we need ‘strong journalists’ in ‘difficult times’ after Public Service Journalism win
Birrell, a former deputy editor-in-chief of The Independent who has written regularly for the Mail titles and the i in recent years, was honoured last week for his “incomparable” work on public interest investigations.
New European to sue Michelle Mone to recoup money lost to ‘deceitful’ legal threats
“High net worth individuals cannot be given a free hit against media organisations or campaigners to silence their reporting.”
One in ten complaints to Ofcom in 2023 were about Israel/Gaza coverage
Ofcom said it is prioritising complaints about Israel and Gaza coverage to ensure it can uphold standards of both due impartiality and due accuracy.
Podcast 62: How publishers can sell online advertising in an awful market
The Guardian‘s senior vice president of advertising for North America, Luis Romero, spoke to Press Gazette about what he says is the toughest advertising market for news publishers since 2008.
Asked how the newspaper’s US operation going about surviving the downturn, Romero said conversations with advertisers are key – but explained times may well stay difficult for a while longer.
News in brief
If you are a journalist facing financial hardship this Christmas, the Journalists' Charity may be able to help with a grant. If you are doing okay, please consider making a donation to help less fortunate colleagues. (Journalists’ Charity)
The Independent has poached Mail Online US editor Louise Thomas to “accelerate” growth across the Atlantic. (Press Gazette)
The Sun has named Ellie Henman as the new editor of its celebrity and showbiz section Bizarre. She succeeds Simon Boyle, who edited Bizarre since 2018 and marked his last day at The Sun last week. (Press Gazette)
Ladbible owner LBG Media expects to report revenue of £67m for FY23, up from £62.8m. Adjusted EBITDA expected to grow by at least 8% to £17m. It is "confident in the growth outlook for 2024" with plans for the US and Australia, and Euros 2024 and Olympics. (LBG Media)
Nottingham Post photographer Trevor Bartlett, who worked for the paper for 45 years, died aged 80 on Tuesday night after being hit by a police van while walking home from the pub. (Nottingham Post)
UK independent publisher Hothouse Media, which owns the quarterly car magazine Magneto, has acquired the monthly classic car magazine Octane and the Historic Motoring Awards event to strengthen its position in the market. (Hothouse Media)
The defunct Ozy Media is suing Semafor editor Ben Smith, claiming he stole its trade secrets while leading Buzzfeed and used them to found Ozy "spitting image" Semafor. In 2021 Smith reported a series of stories into Ozy's financing, reach and the conduct of its leaders that led to the company shuttering and the arrest of several executives on fraud charges. (Yahoo Business Wire)
Worth a read over the holidays:
Seven charts which explain the news industry in 2023 from declining ad spend to the growth of AI
How can news media bounce back in 2024? 18 industry leaders share their insights
100k Club: Exclusive ranking of world’s top paywalled news publishers
Investigative reporting is a ‘masochistic business’ says journalist of the year Gabriel Pogrund
Interviewer of the year Tom Bradby: Harry ‘never asked me what questions I was going to ask’