The Financial Times has reported that print now contributes less than half of its revenue.
The newspaper group, which has a print circulation of 184,000, including 59,000 in the UK, according to ABC, said it reached 650,000 digital subscribers at the end of 2016.
The FT, which was sold by Pearson to Japanese company Nikkei in 2015, added that the EU referendum, Brexit vote and US presidential election had boosted its subscription numbers.
Driven by growth in digital subscriptions and a strong performance from both its conference business FT Live and its specialist financial publishing division, revenues from digital and services at the FT overtook those from print, marking another milestone in the FT’s business transformation.
“Our first year in partnership with our new owners Nikkei saw the FT achieve record levels of paid-for readership and investment in new digital products and revenue streams,” said FT chief executive John Ridding.
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“These will help ensure the sustained success of the FT’s business transformation and support for our unrivalled quality global journalism. We are developing substantial areas of cooperation with our partners Nikkei, based on our shared values and vision.”
In the FT’s financial publishing division, the company reported a profit margin of more than 45 per cent, with print advertising accounting for 17 per cent of total revenues.