Reach sales slump: Mirror, Express and Star publisher says Facebook changes hit digital ads hard
News publisher Reach reported a slump in sales for the first quarter of 2023, with digital revenue hit by changes to how Facebook presents its news content, the company said on Wednesday.
The publisher — those titles include the Mirror, Express and Daily Star — said revenue fell by 5.9 per cent in the four months to April 24.
Print revenue fell by three per cent, while digital revenue fell by 14.5 per cent.
The company said digital advertising revenue was impacted by macroeconomic conditions, but added that changes to how news content is presented on Facebook delivered a blow on page views in particular.
In a statement, chief executive Jim Mullen said “external factors” had hit digital revenue but added that he had “confidence for the future.”
The publisher previously said it would launch US news sites for the Express, Mirror and Irish Star in 2023. The company said its full year outlook remained in line with market consensus.