As Guardian, BBC, Mirror + many others announce rafts of redundancies, almost alone in UK media, The Spectator is hiring. Here's why: several years ago we decided future lay in subscriptions -- print, digital or both. We didn't mind which. But to read us you had to subscribe.
The results have been Spectator Spectacular. Subs have soared and so have revenues. A year ago we reached circa 65,000 subs. This month we're over 85,000 and rising faster than ever. We're on target to hit 100,000 by Christmas, perhaps well before.
Subs revenue is steady, strong and surging. It now accounts for over 75% of total revenues, soon to be over 80%. The lockdown crippled events, newsstand + ad revenues. But it was rocket fuel for subs growth. It's why we're handing back furlough money to the taxpayer.
Overall sales of Spectator UK edition were 83,000 in H2 2019. In Q1 2020 were 87,600. Despite the loss of much newsstand during lockdown they reached over 92,000 in Q2, thanks to that unprecedented surge in subs.
So the average sale for the first six months of the year is almost 90,000 , which means, according to ABC, The Spectator now safely outsells the weekday Guardian (89,347) and FT (78,287).
By the way, I should add that the New Statesman is now enjoying a renaissance. It’s following our business model if still several years behind. But it’s on the right track. Delighted to see it. I know it’s not very woke but I do relish a diversity of voices in our media.
