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F.T. Looks Back as It Moves Into Digital Age With a Focus on Its Future, Financial Times Turns 125
(about 5 hours later)
PARIS — It was a time when the financial markets were growing and globalizing rapidly. Gossip, speculation and misinformation abounded. There was a need for a “friend to the honest financier and the respectable broker.” From 1888, when it began publishing under that motto, The Financial Times sees continuity in its mission. It was a time when the financial markets were growing and globalizing rapidly. Gossip, speculation and misinformation abounded. There was a need for a “friend to the honest financier and the respectable broker.” From 1888, when it began publishing under that motto, The Financial Times has seen continuity in its mission.
On Wednesday The F.T. is celebrating its 125th birthday. The newspaper's London headquarters along the south bank of the Thames will be lit up in pink, the color of the paper on which it has been printed since shortly after it was founded. There will be a few parties — understated, of course, for these are straitened times in the City of London, and challenging ones for the newspaper industry. On Wednesday, The F.T. is celebrating its 125th birthday. The newspaper’s London headquarters along the south bank of the Thames will be lit up in pink, the color of the paper on which it has been printed since shortly after it was founded. There will be a few parties — understated, of course, for these are straitened times in the City of London, and challenging ones for the newspaper industry.
Anniversaries are difficult for newspapers. At a time when they are shedding readers and advertisers and losing ground to digital media organizations that are still in their adolescence, few publishers want to emphasize their age. Anniversaries are difficult for newspapers. At a time when they are losing subscribers and advertisers, and losing ground to digital media organizations that are still in their adolescence, few publishers want to emphasize their age.
But John Ridding, chief executive of The F.T., has a better digital story to tell than most other newspapers. True, the print editions are fading. But The F.T. has figured out how to make money — significant money — from new outlets, without straying from its original purpose. So Mr. Ridding is not worried about looking back. But John Ridding, chief executive of The F.T., has a better digital story to tell than most other newspapers. True, the print editions are fading. But The F.T. has figured out how to make significant money from new outlets, without straying from its original purpose. So Mr. Ridding is not worried about looking back.
“Milestones matter,” he said. “In our industry, which has seen so much upheaval and disruption, it shows amazing continuity. The look and feel of the business was very different but there are some enduring constants that persist.”“Milestones matter,” he said. “In our industry, which has seen so much upheaval and disruption, it shows amazing continuity. The look and feel of the business was very different but there are some enduring constants that persist.”
In addition to its birthday, The F.T. can point to several other recent or pending milestones.In addition to its birthday, The F.T. can point to several other recent or pending milestones.
Last year the number of digital subscribers, now more than 300,000, surpassed the print circulation of the paper, which has slipped below that figure. This year, print and digital subscriptions and sales are set to overtake advertising as a source of revenue. Mobile devices now account for one-quarter of The F.T.’s digital traffic and about 15 percent of new subscriptions.Last year the number of digital subscribers, now more than 300,000, surpassed the print circulation of the paper, which has slipped below that figure. This year, print and digital subscriptions and sales are set to overtake advertising as a source of revenue. Mobile devices now account for one-quarter of The F.T.’s digital traffic and about 15 percent of new subscriptions.
The F.T. was one of the first newspapers to charge readers for access to its Web site, which it did in 2002. It revamped its digital business model in 2007, moving to a “metered” approach, in which readers get a certain number of articles free before they are asked to subscribe.The F.T. was one of the first newspapers to charge readers for access to its Web site, which it did in 2002. It revamped its digital business model in 2007, moving to a “metered” approach, in which readers get a certain number of articles free before they are asked to subscribe.
Since 2007, The F.T.’s paying digital audience has tripled, and the metered approach has been adopted by a number of other newspapers, including The New York Times. Since 2007, The F.T.’s paying digital audience has tripled, and the metered approach has been adopted by other newspapers, including The New York Times.
With print circulation moving in the other direction — last year alone it fell about 15 percent — The F.T. recently accelerated its move away from paper. In January, Lionel Barber, the paper’s editor, sent a memo to the staff, detailing a plan to “ensure that we are serving a digital platform first and a newspaper second.” With print circulation moving in the other direction — last year alone, it fell about 15 percent — The F.T. recently accelerated its move away from paper. In January, Lionel Barber, the paper’s editor, sent a memo to the staff, detailing a plan to “ensure that we are serving a digital platform first and a newspaper second.”
Under the plan, the print operations of The F.T. will be streamlined. While separate regional editions — for the United States, Britain, Continental Europe, Asia, India and the Middle East — will be maintained, there will be fewer nightly updates.Under the plan, the print operations of The F.T. will be streamlined. While separate regional editions — for the United States, Britain, Continental Europe, Asia, India and the Middle East — will be maintained, there will be fewer nightly updates.
Editorial hierarchies will be simplified, Mr. Barber wrote, with an end to “octopus commissioning” — under which reporters answer to multiple editors. Deadlines will be more strictly enforced. And employment is being pared; the paper is eliminating about three dozen editorial positions, though 10 posts are being created on the digital side. Editorial hierarchies will be simplified, Mr. Barber wrote, with an end to “octopus commissioning” under which reporters answer to multiple editors. Deadlines will be more strictly enforced. The paper is eliminating about three dozen editorial positions, though 10 posts are being created on the digital side.
Mr. Ridding described the new approach as “more of an evolution than a revolution.”Mr. Ridding described the new approach as “more of an evolution than a revolution.”
“It’s more of an intensification of an existing digital trend,” he said. “It’s driven by a need to redeploy resources to digital. That’s what readers want.”“It’s more of an intensification of an existing digital trend,” he said. “It’s driven by a need to redeploy resources to digital. That’s what readers want.”
It’s not all about cutting. The F.T. also continues to develop new products, like an F.T. Weekend mobile application, to accompany the Saturday/Sunday print edition, which remains an important source of advertising revenue; the app is set to be introduced shortly. Last year The F.T. began publishing e-books with selected themes, compiling articles from the newspaper and enhancing them with material from journalists’ notebooks; the first one examined the possibility of a Greek exit from the euro zone. It’s not all about cutting. The F.T. also continues to develop new products, like an F.T. Weekend mobile application, to accompany the Saturday/Sunday print edition, which remains an important source of advertising revenue; the app is set to be introduced shortly. Last year, The F.T. began publishing e-books with selected themes, compiling articles from the newspaper and enhancing them with material from journalists’ notebooks; the first one examined the possibility of a Greek exit from the euro zone.
At a time when The F.T.’s biggest rival, The Wall Street Journal, is trying to broaden its appeal to general readers outside the financial industry, The F.T. is ever more focused on corporate customers.At a time when The F.T.’s biggest rival, The Wall Street Journal, is trying to broaden its appeal to general readers outside the financial industry, The F.T. is ever more focused on corporate customers.
Its total 600,000 print and digital subscribers include more than 163,000 users at 2,700 companies and other concerns that have bought business licenses to The F.T.’s digital content. A large but unspecified portion of The F.T.’s individual subscriptions are bought on expense accounts.Its total 600,000 print and digital subscribers include more than 163,000 users at 2,700 companies and other concerns that have bought business licenses to The F.T.’s digital content. A large but unspecified portion of The F.T.’s individual subscriptions are bought on expense accounts.
“They are an unusual beast, because their market is business to business,” said Douglas McCabe, an analyst at Enders Analysis in London. “It’s a very different model from a conventional newspaper.”“They are an unusual beast, because their market is business to business,” said Douglas McCabe, an analyst at Enders Analysis in London. “It’s a very different model from a conventional newspaper.”
Analysts say the strong growth in digital subscriptions masks the fact that online advertising has failed to catch on in a big way. This helps explain why the F.T., despite its plugged-in and mobile audience, has not done away with its print editions, despite their flagging circulation. The weekend paper, especially, remains a favorite of luxury advertisers. Analysts say the strong growth in digital subscriptions masks the fact that online advertising has failed to catch on in a big way. This helps explain why The F.T., despite its plugged-in and mobile audience, has not done away with its print editions, despite their flagging circulation. The weekend paper, especially, remains a favorite of luxury advertisers.
“In one sense, its challenges are the same as everyone else’s,” Mr. McCabe said. “Print circulation and advertising are falling away. Advertising in a digital environment remains difficult for them, as it does for everybody.”“In one sense, its challenges are the same as everyone else’s,” Mr. McCabe said. “Print circulation and advertising are falling away. Advertising in a digital environment remains difficult for them, as it does for everybody.”
Although the business audience has been an attractive niche for The F.T., Mr. McCabe said, it could also make the paper increasingly vulnerable to competition from operations like Bloomberg and Thomson Reuters, which deliver news electronically alongside their financial data services.Although the business audience has been an attractive niche for The F.T., Mr. McCabe said, it could also make the paper increasingly vulnerable to competition from operations like Bloomberg and Thomson Reuters, which deliver news electronically alongside their financial data services.
This is one reason for the perennial speculation about a possible sale of The F.T. by its parent company, the London-based publisher Pearson.This is one reason for the perennial speculation about a possible sale of The F.T. by its parent company, the London-based publisher Pearson.
“Pearson has said repeatedly that The F.T. is not for sale,” Mr. Ridding said. “This kind of thing has been around us for as long as I can remember. We’re getting used to it. I think people tend to hold onto The F.T.” “Pearson has said repeatedly that The F.T. is not for sale,” Mr. Ridding said. “This kind of thing has been around us for as long as I can remember. We’re getting used to it. I think people tend to hold on to The F.T.”
Indeed, The F.T. has had only a handful of owners, and Pearson has held it since 1957. One of the reasons that the F.T. has reached the ripe age of 125 — a milestone that the International Herald Tribune, based in Paris, passed last year — is its founding values, Mr. Ridding said. The F.T. has had only a handful of owners, and Pearson has held it since 1957. One of the reasons that the paper has reached the ripe age of 125 — a milestone that The International Herald Tribune, based in Paris, passed last year — is its founding values, Mr. Ridding said.
“Our role is to be a trusted guide, a filter,” Mr. Ridding said. “It’s actually a pretty constant value. In a multichannel world, whatever form journalism takes, those values and that fundamental rationale is unchanged.”“Our role is to be a trusted guide, a filter,” Mr. Ridding said. “It’s actually a pretty constant value. In a multichannel world, whatever form journalism takes, those values and that fundamental rationale is unchanged.”