India’s print media has been facing the heat as consumers shift to digital news. HT Media — which publishes Hindustan Times, Hindustan and Mint — is also betting big on digital news delivery. Yet, print accounted for 77% revenues last fiscal.
In FY23, HT Media reported consolidated revenues of ₹1,862 crore, up 11% over ₹1,678 crore in FY22. It incurred a loss of ₹227 crore in FY23 as opposed to ₹22 crore profit in previous fiscal. Profitability was subdued due to higher input (mainly newsprint) costs and business development expenses.
During the year, HT Media’s print business posted revenue growth on improved advertising and circulation revenue. The radio business also grew. Digital remains a key area for innovation though. The HT Media portfolio comprises digital news, print, radio, lifestyle & entertainment, jobs, podcasts and events. It has also launched HT Smartcast, a podcast service that offers digital audio-on-demand across 20 genres in six languages. — Anup Jayaram