Nick Hugh, the head of Bloomberg Telegraph Media Group Ltd, says he is counting on Silicon Valley to pay the British newspaper for content, which could boost growing earnings.
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Hugh said in an interview with Bloomberg about the newspaper's 2021 earnings that there would be some form of payment from platforms on which the publishers are publishing. The operating profit jumped 25% to 33.3 million $42 million, beating pre-pandemic numbers, while sales grew 4% to 245 million.
Governments across the world have been pushing big tech companies to pay for snippets of articles shown on platforms. A mechanism that could lead to binding arbitration could be created by the new Digital Markets Unit, which was set to address unfair and unreasonable terms from the biggest tech companies earlier this month.
It follows a policy introduced in Australia that caused Facebook-owner Meta Platforms Inc. to temporarily cut off news. European publishers have been pushing for over a decade to force firms such as Google and Facebook to pay to publish content.
I would hope that there is something in the future about ensuring that the industry as a whole finds business models that work on each platform, and that platforms have to make sure that happens, Hugh said. A spokeswoman for the Department for Digital, Culture, Media and Sport said by email that they were committed to supporting the freedom and sustainability of the press. Our digital markets watchdog will be able to give fair prices for content in disputes between powerful platforms and news publishers. Hugh believes that growth will continue throughout the year, despite the risk of recession and inflation in costs like newsprint and energy already hitting the sector. He said there was no plans for the business to be sold - a subject of speculation.
The paper's revenues are still lower than before Covid 19 stopped commuting and shuttered the country's high streets. Hugh said a deal signed a year ago to let top rivals at the Daily Mail handle print sales boosted profits. Meanwhile, the paper printing is done by Rupert Murdoch's News UK.
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