Situation

A regional daily newspaper in the United States was facing unsustainable financial pressures. Print production costs were rising, while subscriber growth had levelled off. Although digital subscriptions were starting to build, they remained a small proportion of the overall base, leaving the publisher heavily reliant on print circulation and advertising revenue.

Previous attempts to reduce print costs had already been made, but they came at a price. The paper’s print edition had been trimmed to the point where its value to readers was significantly diminished. With fewer pages and less content, reader satisfaction and engagement were in decline, putting further pressure on subscriber retention.

As part of a wider transformation programme, including a review of editorial focus and operating model efficiency, FT Strategies identified that sustainable growth would only be possible if print costs were brought under control and redirected towards accelerating digital capabilities.

 

Engagement

FT Strategies led a focused two-month engagement to assess the client’s print cost structure and surface opportunities to optimise spend without compromising audience value. The team delivered a comprehensive workstream that included:

 

  • Financial and cost structure analysis: A detailed breakdown of print-related costs, including production, distribution, and vendor arrangements.
  • Operational inefficiency mapping: Identifying gaps, overlaps, and pain points in the print and distribution process.
  • Consumer insight gathering: Conducting research across the state to understand which aspects of the print product mattered most to loyal readers, and what changes they would accept or reject.
  • Scenario modelling: Designing and stress-testing a range of print optimisation strategies—such as reducing the number of print days, enhancing content quality, renegotiating supplier contracts, or combining several approaches.

Results

Based on the demand modelling, FT Strategies first recommended to reinstate the original amount of content in the print product. A move that did not drastically change costs but greatly improved reader demand. The engagement led to a clear set of cost-saving and value-building actions:
 
  • Enhancing the print product: Data revealed that restoring the print product to its original content volume significantly increased reader satisfaction. This move had minimal cost impact but made the print edition far more valuable to subscribers, helping stabilise demand.
  • Contract renegotiations: The most significant savings came from revisiting existing supplier agreements. FT Strategies uncovered hidden fees and annual price creep embedded in long-standing contracts with printers and distributors. By benchmarking these against alternative suppliers, the team provided negotiating leverage that led to meaningful cost reductions.
  • Strategic reinvestment: With lower ongoing print costs and a more appealing product in hand, FT Strategies advised reinvesting a portion of the savings into digital development—strengthening the publisher’s long-term sustainability and improving their capacity to grow their digital subscriber base.