The Evening Standard in London has publicised its intention to close down its daily newspaper operations, replacing it with a weekly print. The decision is a result of numerous factors causing a decrease in commuter readership, including the advent of mobile signal availability in the London Underground, an increase in home-based employment, as well as evolving trends in consumer behaviour.
Over the span of the last six years, The Standard has incurred losses amounting to £84.5m (€99m). Given its dependence on funds from its part-owner Evgeny Lebedev for survival, the future of the newspaper rests also on other shareholders, including a bank closely tied to the Saudi government.
Chairman of The Standard, Paul Kanareck addressed his employees on a Wednesday morning with the declaration that the considerable losses from existing operations cannot be continued. He offered a vision to consult with staff and external stakeholders to remodel the existing business structure in an effort to regain profitability, thereby securing the future of London’s most popular news brand.
Kanareck also outlined future plans which include the launch of a fresh weekly print later this fiscal year, reducing the frequency of the ES Magazine, as well as amplifying attention on web growth. He proposed the potential of the new weekly print, replacing the daily edition, to provide detailed analyses of concerns pertinent to Londoners. This would be achieved by showcasing the finest London in terms of lifestyle, sports, entertainment, culture, news and the city’s unique rhythm.
Despite the unsettling nature of these changes, Kanareck expressed hope to emulate the success of their sister publication, the Independent – a newspaper that has enjoyed sustained reader growth and commercial success since its strategic transition in 2016.