Readly, the European leader in the digital market for all-you-can-read magazines and newspapers, has added Radio Times, the UK’s most profitable magazine, to its growing portfolio.
The addition of what – in 1923 – was the the world’s first listings magazine is a prestige signing and underlines the depth of the growing Readly portfolio which now comprises 5,000 titles, for 900 publishers in 50 countries. The portfolio now includes many of the leading TV magazines in the UK and across Europe.
In the first quarter of 2021, Readly had reported 37% subscriber growth ( +32% in revenue). Revenue growth in the UK was strikingly 66% up year-on-year. Much of the success is attributed to imaginative partnership deals that enable corporates, for example in retailing (H&M) and technology (Samsung), to provide access to the Readly service for customers.
Readly also reported growth everywhere it matters: 45 new publishers and 235 titles including 12 newspapers added during the first quarter of 2021. It noted more frequent and longer reading sessions, and an increased rate of conversion from trial to paid subscriptions.
The SKr1.5billion ($168m) Sweden-based listed company continues to grow gross margin (up to 34% from 25% the year before) on its way to a targeted breakthrough to net profitability. The industry stats are encouraging too: PWC estimates that digital editions will have a 29% share of the $60bn global magazines market by 2024 – up from 24% in 2020.
It seems clear that magazine publishers increasingly favour ‘all-you-can-eat’ digital services for one or all of the following reasons:
- They reach new readers and grow magazine audiences for advertisers
- They provide highly-valuable readership data
- They generate additional revenue – at no cost
