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MEDIA PERSPECTIVE: Overhauling the FT is wise in a difficult broadsheet sector.(Financial Times)
Newspaper publishers are spending bucketloads of money on their products: a sure sign that they are getting desperate for readers as competition, particularly in the broadsheet market, hots up.
The latest lavish relaunch is from the Financial Times, which is spending pounds 3 million on its weekend and weekday editions. This follows The Daily Telegraph's recent tweaking that saw the cobwebs fall from its masthead (if not its worldview), and a statement of intent from The Times that a redesigned paper will appear before the end of the year.
All three titles are facing falling circulations and, equally worrying, an uncertain advertising market. The FT last week said its advertising revenues for the past year were down 18 per cent. Faced with turning a loss of pounds 6 million in the last six months of 2002 into a profit at a time when its core City readership is shrinking, the FT is trying to pull off that difficult trick of bringing in new advertisers and readers while not alienating the few remaining bowler hats in the Square Mile.
And the tinkering goes further than the changes made at The Telegraph.
Each of the FT's 147,580 readers in the UK (453,282 globally) will have noticed (or so its editor, Andrew Gowers, hopes) new introductions, such as a glossy Saturday magazine, a daily sports page, cleaner design, extended features and a greater emphasis on lifestyle in the weekend edition.
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