Meredith National Media Group Ad Revenue Down Almost $12 Million in Fiscal Q1
Circ revenue stays flat, with operating profit down $3 million.
Meredith Corp. saw a busy first quarter in fiscal 2012: the rebranding of its marketing services group as Meredith Xcelerated Marketing; the launch of ROI guarantee Meredith Engagement Dividend; and the somewhat rocky acquisition of RDA’s Every Day with Rachael Ray magazine.
Also during this time, Meredith’s National Media Group experienced a drop in print and digital advertising revenue from the same period in 2010, falling from $135.5 million to $124.4 million. Circ remained almost flat at $66.6 million; first fiscal quarter 2010 totaled $65.3 million in circulation revenue.
According to Meredith chairman/CEO Stephen Lacy, “Print and digital advertising revenues continue to be challenged – primarily the food and beverage and pharmaceutical categories – due to higher commodity cost pressures and fewer pharmaceutical drugs in the marketplace.”
Despite ad struggles, Meredith’s digital presence continues to grow. Online sub purchases doubled in during 2011’s fiscal first quarter, now up to 400,000. Monthly unique visitors also grew during this time, spiking 25 percent to 24 million; page views were also up, increasing 35 percent to 300 million.
A company press release specifies that 5 percent of these visitors accessed Meredith’s sites from mobile devices.