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


 
Forgot your password?
Username :
Password :

Shout box

You're not permitted to post shouts.
Matthew WilsonI am going to pax east, any games you guys want me to check out?03/02/2015 - 11:23pm
ZippyDSMleeNo one remembers the days of Cinemagic and Cynergy eh? :P, meh even MGS is getting to film like....03/02/2015 - 8:44pm
MechaTama31I was about to get all defensive about liking Metal Gear Solid, but then I saw that he was talking about "cinematic" as a euphemism for "crappy framerate".03/02/2015 - 8:29pm
prh99Just replace cinematic with the appropriate synonym for poo and you'll have gist of any press release.03/02/2015 - 5:34pm
PHX Corphttps://www.youtube.com/watch?v=vZQDFO2KEPo Jim Sterling Makes Fun of "Cinematic" Gaming03/02/2015 - 3:39pm
Matthew WilsonWOW is copping EVE. http://us.battle.net/wow/en/blog/18141101/introducing-the-wow-token-3-2-2015 I think its a smart move to deal with gold farmers in this way.03/02/2015 - 1:16pm
Matthew WilsonI guess epic is tired of having their lunch eaten by unity. https://www.unrealengine.com/blog/ue4-is-free03/02/2015 - 12:50pm
Andrew EisenNot much to follow. Kern is being silly and... nothing much else is happening.03/02/2015 - 11:40am
Papa MidnightI ask because, having only just heard of it, I have not, and I was hoping for some insight.03/02/2015 - 11:39am
Papa MidnightHas anyone been following this petition by Mark Kern regarding Kotaku, Polygon, and VG247? https://www.change.org/p/kotaku-lead-the-way-in-healing-the-rift-in-video-games03/02/2015 - 11:38am
ZippyDSMleePaypal shuts down Mega's payment system. https://torrentfreak.com/under-u-s-pressure-paypal-nukes-mega-for-encrypting-files-150227/03/01/2015 - 3:25pm
Matthew Wilsonvalvle planning to release a vr headset this year wtf http://www.pcgamer.com/valves-vr-headset-is-named-vive-and-htc-are-making-it/03/01/2015 - 1:05pm
ZippyDSMleeuuuhhhggg in other news been sick since last night.....uuhggg.....I iwsh it did not hurt so much when my tummy wants to leave my body..02/28/2015 - 11:39pm
ZippyDSMleeBrings me to the Q why alt costumes would be needed in competition anyway... http://www.eventhubs.com/news/2015/feb/28/dead-or-alive-community-aims-ban-over-120-overly-sexualized-costumes-dead-or-alive-5-last-round/02/28/2015 - 11:36pm
MonteThough from a business side, i would agree with the article. While it would be smarter for developers to slow down, you can't expect EA, Activision or ubisoft to do something like that. Nintnedo's gotta get the third party back.02/28/2015 - 4:36pm
MonteThough it does also help that nintendo's more colorful style is a lot less reliant on graphics than more realistic games. Wind Waker is over 10 years old and still looks good for its age.02/28/2015 - 4:33pm
MonteWith the Wii, nintnedo had the right idea. Hold back on shiny graphics and focus on the gameplay experience. Unfortunatly everyone else keeps pushing for newer graphics and it matters less and less each generation. I can barely notice the difference02/28/2015 - 4:29pm
MonteON third party developers; i kinda think they should slow down to nintendo's pace. They bemoan the rising costs of AAA gaming, but then constantly push for the best graphics which is makes up a lot of those costs. Be easier to afford if they held back02/28/2015 - 4:27pm
Matthew Wilsonhttp://www.forbes.com/sites/insertcoin/2015/02/28/the-world-is-nintendos-if-only-theyd-take-it/ I think this is a interesting op-ed, but yeah it kind of is stating the obvious.02/28/2015 - 2:52pm
prh99The government probably doesn't need an app, but I was think more along the lines of a company that was going to sell the collected info. “If you're not paying for the product, you are the product” sometimes even if you pay.02/28/2015 - 1:50pm
 

Be Heard - Contact Your Politician