According to the Guardian, the plan includes measures to:
* Target a 20% overall reduction in the Guardian’s current £268m annualised cost base.
* Reduce losses and aim to break even at an operating level by 2018/19.
* Relaunch an enhanced membership offer with the aim of doubling reader revenues.
* Align editorial and commercial operations to harness higher-growth membership and digital opportunities.
* Implement an advertising model that tracks evolving market trends, notably around branded content, video and data.
* Focus international growth on US and Australia, increasing their contribution to the overall business.
* Create a new data and insight team to support editorial and commercial innovation.
Viner and Pemsel told GMG’s global staff that the plan was designed to safeguard the long-term future of the Guardian’s editorial platforms and that work would begin immediately to deliver these objectives.
Katharine Viner said: “Over the next three years, a growing and far deeper set of relationships with our audience will result in a reimagining of our journalism, a sustainable business model and a newly-focused digital organisation that reflects our independence and our mission.”
David Pemsel added: “Against the backdrop of a volatile market, we are taking immediate action to boost revenues and reduce our cost-base in order to safeguard Guardian journalism in perpetuity. This plan will ensure our business is increasingly adaptable and better able to respond quickly to the pace of change in the digital world.”
The implementation timetable and further details of the plan will be communicated in the coming months, says the Guardian.
