Facebook news changes 'hit Reach sales'

3rd May 2023 09:07

(Sharecast News) - Daily Mirror publisher Reach said revenues fell 6% in the four months to April 23 with the company citing changes in the way social media platform Facebook presented news content.

The company, which also produces the hard-right Daily Express, said digital revenue decreased by 14.5% and with print revenue slipped 3%.

"While macroeconomic conditions mean the overall market for digital advertising is challenging, data-driven revenue continues to outperform. Reduced demand continues to be reflected in lower sector yields, particularly in the open market. The page view slowdown, referred to in March, has continued, with recent changes to the way Facebook presents news content, causing a reduction in referred traffic across the sector," Reach said.

It added that circulation revenue benefited from cover price increases last year and held annual profit guidance.

Reach also said it planned to launch US domain websites for The Express and Mirror over the next few months.

Reporting by Frank Prenesti for Sharecast.com