Why a glum 2023 has been good for Dow Jones | Cuts at Newsnight | Top news apps in October
Good morning and welcome to your weekly Future of Media newsletter from Press Gazette on Thursday, 30 November.
When a news editor abandons trying to punch up a weak story they might ruefully tell the report’s author: "You can't polish a turd."
Similarly, it is getting hard to find silver linings for 2023 when it comes to the financial performance of the news business in the UK and US.
The hoped-for recovery has not materialised and most have been left nursing bruises caused by falling traffic and ad revenue.
But one major global newsroom has something to smile about this year: Dow Jones. The financial information publisher, which employs some 1,700 journalists, has posted its biggest profits since its acquisition by News Corp in 2007
Chief executive Almar Latour spoke to me about why bad news in the world has been good for his business and he also had some words of advice for other publishers.
Today we also have a unique ranking of the biggest news apps in the UK. It reveals that while Apple News remains the country’s biggest news app by audience size, second-placed BBC News is narrowing the gap.
And in a bid to stay relevant in the digital age amid falling budgets, the BBC has announced some major changes, with 127 jobs cut but 147 new digital roles created.
Former current affairs flagship Newsnight will see the biggest changes, with original reporting and investigations scrapped in favour of a discussion and interview format which will see 34 jobs cut from the show.
New from Press Gazette
Bad news has been good for Dow Jones, a rare 2023 publishing success story
“As someone holding a job, any job, or running a family, you have to make very serious decisions that have real implications. And so the need to have news or information or data or analytics that you can really rely on is intensifying. I do not see that stopping.”
34 jobs cut on Newsnight as it becomes interview and discussion show
The new roles being added include a royal editor and new correspondent and reporter jobs covering artificial intelligence, financial and political investigations, employment and housing – areas thought to be “of particular interest to today’s audiences”.
Most popular news apps in the UK in October: Strong growth at Money Saving Expert and GB News
Press Gazette's quarterly ranking of the most popular news apps in the UK, using data from Ipsos iris.
Our latest podcast
Podcast 61: Why bad news can be good for business publishers with Dow Jones CEO Almar Latour
Dow Jones chief executive and Wall Street Journal publisher Almar Latour spoke to Press Gazette about how the financial news division of News Corp just managed to achieve its most profitable quarter since 2007.
In this edited version of his interview at the Press Gazette Media Strategy Network event in New York this month, he also spoke about what publishers need to focus on as global uncertainty looks set to continue in 2024.
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Qualified privilege defence to be tested in UK libel battle between two Pakistani broadcasters
Mirror union urges Reach chairman to stop ‘doing less with less’ strategy
The audience data behind Reach decision to close 13 regional newsbrands
Facebook subscriptions: Could Meta still be a friend for publishers?