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One of Canada’s leading media companies, Postmedia, today announced Q3 revenue for their combined online and offline publications of $111.2M, a 7.8% decrease compared to 2022.
The decline was primarily the result of a decrease in both advertising and circulation revenues, which decreased 15.3% and 15.6% respectively.
PostMedia are behind some huge brands like Canada.com, Canoe.com, Driving.ca and National Post. In total we track 12 sites for them, which Google sends around 4 million clicks each month according to Semrush estimates.
As you would expect, Driving covers the automotive world, but Canoe.com is actually a celebrity gossip / entertainment news site.
As an interesting side note, they have an incredible domain with Canada.com and yet choose to make the site load at https://o.canada.com. I assume this can’t be anything other than a nod to their national anthem, O Canada.
The company is currently heavily focused on cost-cutting initiatives, with expenses decreasing for the quarter by $11.3M (a 9.6% decrease).
Last year the company acquired Brunswick News, which offers a number of daily and weekly newspapers and accounted for $15M of their Q3 revenue.
While Q3 wasn’t great for Postmedia, their year-to-date revenue is up 1.8% compared to the same period last year, where they’ve generated $347.2M in revenue.
Their year-to-date net loss however is up to $61.5M, which is an increase of $18.2M.
I won’t claim to know too much about Postmedia and their business as I only started tracking the brand in 2023 but it’s nice to have an example of a digital media goliath who share their specific revenue numbers.
They’re still very much a physical newspaper brand, but they’re very set on “aggressive transformation” according to their earnings press release and I have to imagine that includes a lot of work on their digital presence.
Postmedia trade as $PNC on the Toronto Stock Exchange which means we’ll have revenue updates to share for them each quarter.
