Mediahuis Ireland today announces a new Voluntary Redundancy Programme as part of the company’s strategy to build a sustainable and dynamic future for our publishing business.
Over the last 5 years, the fundamental nature of this publishing company has changed from a newspaper business to a media organisation which is managing both print and digital.
Our two traditional revenue streams, single copy sales and print advertising, are still our most important, but both are under pressure. Certainly they are being replaced by revenues from digital subscribers and digital advertising, but at a slower pace. Mediahuis Group estimates that this year 70 per cent of our revenue will come from print and 30 per cent from digital, but by 2030 we foresee that it will be a 30-70 ratio of print-digital.
Our digital investment continues apace, with growth in podcasting and local news in particular, but simultaneously with this we need to manage our traditional cost base. Our organisational size and skillset needs to change to adapt to this new revenue base. To remain a successful news organisation into the future and continue to play a central role in journalism on the island of Ireland, we need to adapt to the landscape in which we are functioning and to the changing needs of our customers.
As such we are seeking a reduction in staffing levels of approximately 10% across our publishing organisation. Savings from the Voluntary Redundancy Programme will allow the business to invest in new products, target new audiences and make our brands more resilient, and more customer-oriented for readers and advertisers alike.
Chief executive Peter Vandermeersch said: “Journalism is the absolute core of our business, but all over the world, media companies are struggling with the same dilemma – how to generate sufficient revenues to finance our ambition to produce excellent journalism.
“I am convinced that our strategy is the right one: to restructure our business to make this a leaner, more streamlined news organisation with the most efficient processes and systems possible, while continuing to produce the highest quality journalism and diversifying our revenues to build a sustainable future for our company.”