Media jobs go as ad revenues tumble

Tumbling advertising revenues are leading to job cuts across the media.

As the media fragments in to niche markets, the old guard of daily national newspapers and TV channels is facing competition from smaller, leaner outfits for readers, viewers and ad revenues.

More people now rely on news services online and from their phones than traditional newspapers and magazines. The proliferation of satellite TV channels targeted at special interest groups is stealing viewers from the one-fits-all TV channels like ITV1.

Analysts have predicted a 10% decline in the TV ad market next year, after a projected fall of 5% to 6% this year. A similar recipe for disaster is brewing from print revenues.

ITV, The Telegraph and Trinity Mirror also announced cost saving measures, including job losses yesterday.

ITV has already started shedding 1,000 of the company’s 5,500 staff and has announced another £25 million savings must be found. At least 430 of the jobs will go in the firm’s ITN news division.

The company reported a 9% drop in advertising for the last quarter and fears the trend will continue in to next year.

The Telegraph told staff 50 jobs are going – mostly from production staff – by Christmas. The job losses are thought to represent a 15% saving on the group’s editorial budget.

Trinity Mirror is shedding 78 jobs in Liverpool and North Wales.

These latest announcements follow similar moves last week by the Independent and Daily Mail to reduce staffing. The Independent titles will lose 90 posts and the Daily Mail & General Trust group has taken steps to take 400 jobs off its payroll.

Rupert Murdoch has also warned jobs will go at his News International papers and Express Newspapers is making more than half of its subeditors redundant.

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Tags: Finance, ITN, ITV, media, Telegraph, Trinity Mirror