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One percent

Evening standard posts a 10 million loss

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https://www.bbc.co.uk/news/entertainment-arts-44537728

The Evening Standard will post a loss of £10m for the year ending in September 2017, a reversal in fortunes for London's paper that poses a big headache for its owner, Evgeny Lebedev.

The Standard's loss - £9.98m - comes after a recorded profit of £2.2m in the previous year, representing a £12m swing into the red.

The causes of the sharp financial deterioration reflect both long-term, structural changes in the newspaper industry - above all the downward pressure on print display advertising - and specific issues arising in that financial year. 

Those exceptional circumstances include a London food festival which was, commercially at least, and allowing for sub-optimal weather, an expensive failure. 

 

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2 minutes ago, Frank Hovis said:

Good.

Twenty years ago that was a seriously good paper and since it went free it has become not worth even picking up.

There used to be loads kicking about on the tube and trains and so I would rarely bother getting one off the stand, there was always one on the seat.

now, I rarely see one and I can’t remember the last time I saw someone actually read one 

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1 minute ago, One percent said:

There used to be loads kicking about on the tube and trains and so I would rarely bother getting one off the stand, there was always one on the seat.

now, I rarely see one and I can’t remember the last time I saw someone actually read one 

On my once a year visit I do but I'm always terribly disappointed.

There used to be piles of free magazines at tube stations, fashion style type things, which were basically pages of advertising with a half dozen style / events / opinion articles.

That is what the Standard has become.

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Just now, One percent said:

There used to be loads kicking about on the tube and trains and so I would rarely bother getting one off the stand, there was always one on the seat.

now, I rarely see one and I can’t remember the last time I saw someone actually read one 

Maybe, rather than everyone looking at them for 2 minutes before lazily discarding them to then be collected and put in the bin, they're just now printing them and putting them straight in the bin. It's like they're cutting out the middleman and saving everyone 2 minutes which they can now use to stare at their phones.

 

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24 minutes ago, axolotl said:

Maybe, rather than everyone looking at them for 2 minutes before lazily discarding them to then be collected and put in the bin, they're just now printing them and putting them straight in the bin. It's like they're cutting out the middleman and saving everyone 2 minutes which they can now use to stare at their phones.

 

I certainly don't see as many people reading free papers on the tube as I did about five years ago. 

Oddly enough, Metro, which used to have journalistic standards of Viz comic without the humour, seems to have improved somewhat, and City AM is quite a good quick read, but you can only get it in the Square Mile. 

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32 minutes ago, Happy Renting said:

Gideon's Curriculum Vitae - real world jobs in full:

1 ) Folding towels
2 ) Folding a newspaper

3) Blowing blokes on hamstead heath.

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2 hours ago, Austin Allegro said:

In the early days when it became free, it was actually quite good. In the last couple of years though it seems to have turned into a mini version of the Guardian - pro Khan, pro-remain, jumping on every LGBTQZI and 'diversity' bandwagon that comes along etc, topped off with pages and pages of property price ramping articles about living the urban dream in a studio flat in Romford for £799,000 part ownership.

Yes, I think that was a massive strategic mistake. I recon the majority of its readers are commuters who, on average I’d guess, are likely to be right of centre not left.

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I find the Evening Standard on trains that have terminated and turned around, it is full of 'gays in a loft' shit and I always wondered what happened to it.

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5 minutes ago, Panther said:

I find the Evening Standard on trains that have terminated and turned around, it is full of 'gays in a loft' shit and I always wondered what happened to it.

errm, are these all euphemisms?

 

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3 hours ago, dgul said:

It is an interesting dynamic that is repeated across many companies at some point in time*.  It goes something like this:

  • Company sees itself being hit hard by changing market conditions. 
  • They buy all sorts of consultancy on the topic -- these make it plain that there are two options for the company.  

Our local free paper employed consultants.

They advised stopping home delivery, reason being people were more likely to read the paper if they made the effort to pick one up.

What they didn't see coming was hardly anybody could be bothered making the effort.

Now it's gone.

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43 minutes ago, Bedrag Justesen said:

Our local free paper employed consultants.

They advised stopping home delivery, reason being people were more likely to read the paper if they made the effort to pick one up.

What they didn't see coming was hardly anybody could be bothered making the effort.

Now it's gone.

got to admit, most local rags arent worth the paper they are printed on these days. We used to have people come round to ensure that the paper buy/girl had delivered the free rag, apparently they were just dumping loads off down the dump or into skips and still taking their wages, couldnt blame them, the free rag really was a load of crap.

The freebie disappeared years ago, wonder if they tried the above.

Total waste of paper.

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10 hours ago, dgul said:

It is an interesting dynamic that is repeated across many companies at some point in time*.  It goes something like this:

  • Company sees itself being hit hard by changing market conditions. 
  • They buy all sorts of consultancy on the topic -- these make it plain that there are two options for the company.  Either downsize the company to reflect the new market conditions, or innovate to move into other (and perhaps newer) market segments. 
  • Company decides to grow, because that's great, and it'll make everyone money! 
  • They get a new CEO that knows all about how great it is to grow, and goes on and on about how it is an exciting phase of the company where their brand is going to be used to leverage their promotion into the new areas.
  • Brand is everything, and they are great.
  • Company spunks loads of cash promoting their brand into the new market segment.
  • Soon company realises that this is actually quite difficult.  
  • They get rid of the CEO, and get a different one that is even more enthusiastic about new market segments.  But it is a difficult road and they introduce redundancies (as part of 'kitchen-sinking' the prior CEOs work).
  • Those redundancies mainly affect the old core market segments (which are boring and old-fashioned and thus no longer part of the new brand).
  • New CEO finds the new markets even harder to move into.
  • Meanwhile they destroy their ability to work in the old (actually profitable) market segments.
  • Rinse and repeat for a few CEOs.
  • Market catches up with them and company folds.

It is notable that at no point in the proceedings, either before, during or afterwards, does anyone ever actually say 'you know, the right thing to do all the way back then would have been to right-size the company to the new market conditions -- we could have done it using natural wastage rather than (expensive) redundancies, and most people would have been sort-of happy with the change, whether employee, management or investor'.

[* approximately 12-48 months before they fold.]

I suspect these days it often boils down to more debt or less debt (including stuff like fresh share issues). 

Less debt on offer - downsize. 

More debt on offer - expand.

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Posted (edited)
10 hours ago, Democorruptcy said:

Uber and Google etc paying money for stuff they would likely already get for free due in part to advertisement placement  - fishy.

There's that year 2020 again.

How soon before it's called The Evening Google or The Evening Goober.

Edited by twocents

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Posted (edited)

Is this the paper that Gideon edits? Seems like almost everything* he touches turns to s@#t! xD

* Almost everything - I liked his S24 rule for BTL landlords he introduced . 

Edited by UmBongo
I typed : _George_Osborne - automatically turned into 'Gideon' :D

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Posted (edited)
15 hours ago, Austin Allegro said:

In the early days when it became free, it was actually quite good. In the last couple of years though it seems to have turned into a mini version of the Guardian - pro Khan, pro-remain, jumping on every LGBTQZI and 'diversity' bandwagon that comes along etc, topped off with pages and pages of property price ramping articles about living the urban dream in a studio flat in Romford for £799,000 part ownership.

This. I go into London once a fortnight to see a client and used to pick it up on my way out. In the last 18 months it has become a misandrist pile of shite which actually insults white men - there are always several articles per issue insulting men or saying how hard women have got it. Initially I thought it was an anomaly but it happens with every issue. I then deliberatey decided to avoid it as they were just insulting me. They seem to have forgotten who their audience is. I'm glad their days are numbered. And I'm very pleased it's on Gideon's watch, since he must have directed or accepted these changes . Fuck 'em.

Edited by The Idiocrat

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Tbh, I used to think supporting the printed media was part of my middle class duty. However the way the media reported the migrant crisis was disappointing. Very few newspapers looked at the issues critically and it was full of emotional articles about the poor migrants.

I was a FT reader for 25 years until they lied once too often in an article about the migrants. The only papers I suppose are the Mail (internet subscription which I never use) and the Times.

Honestly, I'm cool with reading articles that make me consider my position. However most media is actively pro brown people/ Muslims and anti white people/ trump/ Brexit. Why should I support media that continually tells me how awful I am?

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