The Independent, founded in 1986 as a UK daily newspaper but now digital-only, and owned by Evgeny Lebedev announced its results and an intention to grow through acquisition. The company made £2.7m profit from £30m revenue and targeted £100m within three years.
The company claims to reach 100m visitors each month, with more of this audience now coming from the US than the UK. with further exposure through news partnerships with online giants like Twitter and Facebook. The company is already expanding in Hispanic communities in the Americas with the aim of developing an Asian presence later this year.
It is thought likely that The Independent will seek to acquire local news brands in key markets as a way of building national editions. Alternatively, it may seek to establish franchises or joint ventures in order to build advertising revenue.
In addition to The Independent, the Lebedev family owns the lossmaking London Live TV channel and the London Evening Standard (a free paper hard hit by the loss of commuters during the pandemic). But the success of The Independent has been hailed as an example of how print news brands can develop sustained profitability solely through digital.