BAKU, Azerbaijan, Apr. 28
By Sadraddin Aghjayev - Trend:
The revenues of the worldwide media sphere reached $112.4 billion in 2020, the World Association of News Publishers (WAN-IFRA) said, Trend reports.
According to the association, 43 percent of the surveyed respondents said that their income decreased by 20 percent on an annual basis, another 7 percent noted a decrease in income by 10 percent.
“At the same time, news publishers' revenues fell 11 percent on average,” WAN-IFRA says.
"The print advertising sphere was hit hardest, with a 19.5-percent decline. Moreover, print circulation revenues were down 13 percent," WAN-IFRA’s statement reads.
“However, 17 percent of the media reported revenue growth in 2020. Some 11 percent of all publications in the world see revenue growth of more than 20 percent, which is 5.5 times more than ten years ago," the association noted.
Besides, digital reader revenues and audiences grew by 27 percent and 36 percent, respectively.
"Last year, digital media ad revenues grew by 8.8 percent compared to 2019. In turn, global newspaper advertising spending was 5.7 percent, down 2.2 percent year over year," the world association wrote.
The WAN-IFRA report noted that media outlets have cut staff by 4.4 percent over 2020, and this is due to lower company revenues.
“In the association’s World Printers Forum Outlook survey, 70.5 percent of media executives said they've cut their workforce to some extent, and this trend will continue in 2021 as well. In addition, 87 percent of media outlets say the coronavirus pandemic has changed the way their news organizations operate in terms of work and communication processes,” WAN-INFRA added.
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