Report: Future Publishing Cutting 100 Jobs

July 18, 2011 -

According to several reports on Friday and over the weekend international magazine publishing company Future Publishing has cut an estimated 100 jobs. The company issued an interim management statement, revealing that its print business continued to decline in the UK and U.S., saved mainly by its improved performance from the digital publication sector. The report covers the nine months ending June 30, 2011 and gives some indication of where the company will be focusing its efforts in the years ahead.

Group revenues for that nine-month period dropped by an estimated five percent compared to the same period a year ago. UK circulation revenues fell by 3 percent, but revenue from digital advertising made up the shortfall by performing above expectations. In May 2011 the group's UK digital revenues topped £1 million for the first time.

US print sales decreased as well, with the company saying that it is "actively discontinuing subsidised magazine subscriptions" in the US and has had to delay an unnamed digital product launch worldwide.

"As a result the Board has decided to accelerate transition of Future US into a primarily digital business. This process may take 12 to 15 months, to allow time for existing subscriptions and other contractual obligations to be fulfilled."

The company also announced that it will cut jobs at numerous publications:

"The benefit of these steps will be to improve efficiency, reduce headcount, reduce property requirements, and help accelerate the most promising areas of digital product development," reads a section of the report on "re-structuring and exceptional costs."

GameIndustry.biz claims that Edge, Computer & Videogames, and GamesRadar will see 100 jobs cut in the UK. Further, the publication claims that at least one magazine will shut down.

We will continue to follow this story as it develops.

Source: GameIndustry.biz


 
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Mattsworknamei I hope there is, I love that series.04/25/2015 - 5:59pm
Matthew Wilson@matt I am sure there will never be a armored core game04/25/2015 - 5:24pm
Mattsworknameof From softwares recent games, bloodborne is the best work they have done yet, though they really need to get to work on armored core 604/25/2015 - 5:10pm
Matthew WilsonLost Kingdoms came out in 2002 this day. I played that game. I did not relize it was made by From Software. Lost Kingdoms was a good unique hard game.04/25/2015 - 4:56pm
MattsworknameOff topic, but, who heres playing Bloodborne, and if so, is it mercillesly murdering you every chance it gets?04/25/2015 - 7:35am
Matthew WilsonI think its a good article, and devs can take some lessons from life is strange.04/24/2015 - 10:24pm
Andrew EisenI tinyURL'd it. The world is safe!04/24/2015 - 10:23pm
Matthew Wilson@AE my bad there is nothing I can do about that.04/24/2015 - 10:21pm
Andrew EisenLooks like the spoiler is right there in the URL.04/24/2015 - 10:20pm
Matthew Wilsonhttp://tinyurl.com/ok9pf6b a interesting opinion piece on the life is strange episode 2, and a dark event that happens in it. full warning major spoilers.04/24/2015 - 10:11pm
Matthew Wilson@mech no just she, nor her co workers have not. she never said it is not real.04/24/2015 - 8:58pm
MechaCrashWas she saying "I haven't experienced it," or "I haven't experienced it therefore it does not exist"?04/24/2015 - 8:31pm
ZippyDSMleeoy the skyrim paid mod thing is going over well. My 2 lints, I would not mind if Skyrim had a full SDK and not a crappy lil editor....04/24/2015 - 6:46pm
Andrew EisenWell, that is indeed crappy and nonsensical.04/24/2015 - 3:45pm
Matthew Wilsonshe got attacked for saying that she personaly has not experienced the harassment some other female devs have, and she got acused of defending GG and ignoring harassment. she ended up getting dog piled because of it.04/24/2015 - 3:43pm
Andrew EisenFine but do you recall ANY details at all?04/24/2015 - 3:38pm
Matthew Wilsonit was several weeks ago now, and I will admit to not saving it.04/24/2015 - 3:36pm
Andrew EisenAttacked HOW and by WHOM for not writing off WHO as evil? Do you have a link or anything?04/24/2015 - 3:31pm
Matthew Wilsonthat is the whole point she was not attacked for saying anything. she was attacked for being willing to debate in the first place, and not just write them off as evil.04/24/2015 - 3:28pm
Andrew EisenI know there's not a lot of room in the Shout box but goodness you're being vague.04/24/2015 - 3:26pm
 

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