The bad news for Time Inc.’s second quarter earnings: Print ad revenue dropped by 13 percent compared to last year and overall revenue was down one percent, to $769 million. The publisher also said it expects to sustain $35 million in restructuring costs as a result of its recent, massive reorganization.
The good news from Time Inc.’s report was that digital ad revenue jumped by a whopping 65 percent during 2Q. The acquisition of Viant—parent of Myspace—was the primary factor behind the huge increase. Still, even excluding Viant, digital ad revenue would’ve been up by 10 percent.
During a conference call with reporters, Time Inc. CEO Joe Ripp said the company is doing its best to be nimble.
“In a world that is increasingly becoming mobile first and is dominated by Facebook and Google the pace of change is accelerating. There is a tremendous sense of urgency to our transformation work. We completed our spinoff just over two years ago and began our transformation journey.”