FPLP projects more stable year ahead
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Hey there, time traveller!
This article was published 18/04/2019 (2350 days ago), so information in it may no longer be current.
The company that owns the Winnipeg Free Press, Brandon Sun and eight community newspapers in Manitoba saw revenues decline in 2018 but projects a more stable picture in 2019.
FP Canadian Newspapers Limited Partnership (FPLP) revenues for the year ended Dec. 31, 2018, were $67 million, a drop of $4.9 million or 6.9 per cent from the previous 12 months.
While print advertising revenue declined by 9.3 per cent, that was an improvement from declines of 14.2 per cent and 13.7 per cent in 2017 and 2016 respectively. The situation improved as the year went on, with a lower year-over-year decline of 5.9 per cent for the last six months versus 12.5 per cent for the first six.
Print and digital circulation revenues in 2019 are expected to be near 2018 levels as print subscription-rate increases are expected to offset the long-term trend of slowly declining print circulation unit sales. There have been continued increases in Winnipeg Free Press “All Access” digital subscribers who pay $16.99 per month for digital access to the Winnipeg platforms across both desktop and mobile sites and apps. The number of digital subscribers surpassed 9,000 in February 2019, an increase of 46 per cent from Dec. 31, 2017.
While digital advertising revenues declined slightly in 2018, the first two months of 2019 showed a 24 per cent increase.
Employee compensation accounted for 49 per cent of operating expenses before depreciation and amortization. The Winnipeg collective bargaining agreement ends June 30, and the Brandon Sun contract expires on Dec. 31. For 2019, FPLP plans for compensation costs to be slightly lower due to non-replacement of retiring employees.
The March 19 federal budget introduced details on a new measure aimed at providing financial assistance to support Canadian journalism. The journalism tax credit is a 25 per cent refundable tax credit on salaries paid to eligible newsroom employees.
This measure will apply to eligible salaries earned in respect of a period on or after Jan. 1.
While the 2019 budget still needs to be formally approved, it’s estimated that the financial assistance FPLP would receive under this program is approximately $1.1 million.