Given the seismic shifts in advertising and media consumption, commentators are wont to assume print publishing will go the way of the horse-drawn carriage. But as writers on a 155-year-old magazine, we're unashamedly bullish on the wider industry's longevity. Most media groups have found ways to adapt to the new world of tablets and smartphones.
Publishers have offset print declines by investing in digital technology, emerging markets and events. That strategy allowed professional publishing and events group Reed Elsevier (REL) to deliver underlying sales growth across its four divisions in the first nine months of 2014, which helped send the shares up a fifth. Education specialist Pearson (PSON), which owns Investors Chronicle, has adopted a similar approach by developing mobile, personalised and interactive content - although restructuring costs weighed on its profits last year.
'Metal Bulletin' publisher Euromoney Institutional Investor (ERM) has faced similar challenges, with the added problem of heightened regulation and hefty fines aimed at its customers in the financial services industry. Like its peers, it has responded by investing in digital and subscription-based products and 'must-attend' events such as Mining Indaba, the largest emerging market mining event. In a similar vein, UBM (UBM) has doubled down on events by acquiring peer Advanstar for $972m (£599m). That has created the largest events business in the US, opening up opportunities to 'geoclone' events in new regions.