*Time* was, investors’ mag Euromoney was a prime example of a B2B title withstanding the economic storm. But its October-to-December revenue fell 16 percent from the year before (to £71 million).
Unlike the same time last year, Euromoney’s core subscription income is now falling (down four percent) as well as its advertising income (11 percent), to which it’s less exposed.
“Subscription revenues are expected to continue to decline in the second quarter and it is too early to call the point at which overall revenue growth will return,” parent DMGT warns in an interim trading statement.
“The lag effect of cuts in headcount and information buying by customers during the first half of 2009 worked their way through into revenues,” it said. But all other streams were down, too – sponsorships by 31 percent, conference attendance by a third. Still, Euromoney observes: “The demand for advertising, which was the first revenue stream to be hit by the credit crisis, is showing possible signs of recovery.”
Basically, Euromoney has successfully been tipping its revenue reliance from advertising to subscription – but now investors are cutting on back on their subscriptions.
MD Richard Ensor will leave in May, per his contract.