Media24 will reportedly close four well-known newspapers

In yet another nail in the coffin for print journalism, Media24 will reportedly close no fewer than FOUR of its well-known newspapers later this year.

In what will come as a shock to some readers, but no surprise to others, City Press, Rapport, Beeld and Daily Sun will all cease publishing in October 2024.

According to respected veteran journalist Jeremy Maggs writing on Moneyweb, sources at Media24 have confirmed that a decision has been taken to shut them down.

The only print publication in the company that will remain in circulation is the Cape Town-based Die Burger.

READERS MOVING FROM NEWSPAPERS TO DIGITAL PLATFORMS

Ishmet Davidson, CEO of Media24, reportedly responded that “Media24 continuously reviews its operations to protect viability and long-term sustainability within the context of its transition to an increasingly digital media landscape. We will also continue to consult with staff about any potential and subsequent actions and remain committed to following due process. We do not comment on rumours or speculation, nor on the details of any internal processes.”

However, according to Business Day, Davidson called the Moneyweb report “half-baked”.

The decision comes as Media24 – and numerous other companies in the print space – continue to deal with financial losses, primarily driven by escalating distribution costs and diminishing advertising revenue.

In addition, in recent years readers have migrated to digital / online platforms for their breaking news and news in general.

At the time of publishing it’s unclear whether Media24 will create individual online brands for the newspapers set to close.

Currently their content is aggregated on its News24 and Netwerk24 sites.

Rapidly declining circulation figures for the titles would seemingly make it a no-brainer in many respects to cease publishing.

The numbers are truly frightening.

In 2000, Rapport’s circulation was around 335 000. Today, that figure stands at around 60 000, representing an 82% decline.

City Press’ numbers are even more shocking.

Over a similar time frame, City Press has seen its circulation plummet from 233 000 to around 14 000, a drop of 94%.

At the same time, daily paper Beeld has seen its circulation drop from just over 100 000 to 20 000 (down 80%).

Newspapers and magazines in other media groups in South Africa face similar pressures.

Get your newspapers – and magazines – while you still can …

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