World Association of Newspapers and News Publishers

Date

Sun - 01.03.2015


Italy 2011

Italy 2011

Italy 2011

01. Commentary

1. General economic situation (major factors that have influenced the newspaper industry, impact of economic downturn, evidence of recovery)

The global business climate hit the press very hard in the two year period of 2010-2011 because of the latter’s heavy reliance on the economic environment combined with an overall downtrend. Households are still spending cautiously as a result of a contraction in real disposable income and the poor job market. Daily newspapers, which are particularly sensitive to the economic cycle, suffered a drop in circulation (-4.3%) and in advertising revenues (-3.0%).

Thanks to a restructuring and reorganization plan to keep costs under control and make publishing companies more profitable, Ebitda has shown a considerable improvement (from -30.7 million euro in 2009 to +118 million euro in 2010 and +106 million euro in 2011). Notwithstanding some improvement in financial conditions, newspaper companies as a whole have not yet turned the corner; in 2011, they recorded revenues of 2.842 billion euro (down -2.2% from 2010), while production costs decreased by 0.7%.

2. Performance of newspapers vs. other media (principle trends behind the figures)

The daily press is entering into the revolution started by digital technologies in order to create the innovations and dimensions that the new global communication market requires. The advertising market shows that satellite television and the internet have proven themselves to be the most innovative and dynamic media. As print newspapers decline, new journalism startups and innovative means of news dissemination are emerging aided by low entry costs on the web. Italian newspaper publishers are experimenting with new businesses, but they have not yet found an efficient model to restore the link between newspaper content and earnings, which has been partially severed on the Internet.

In 2011, the unique users per day of newspaper websites grew by 7.8%. As a result of this very large increase, unique users per day of top newspaper websites that in 2010 were 45.0% of the total grew to 46% in 2011. In their market forecasts, some of the biggest newspaper companies estimate that in the next four years 30% of their turnover will be driven by digital and innovative activities.

3. Performance of different types of newspapers (paid-for/free, morning/evening, tabloid/broadsheet, local/regional/national)

There are between 110-115 daily newspapers in Italy. A handful of dailies have a national circulation topping 300,000 copies or more. However, the majority of dailies are local or regional and have found it easier to face the current recession. Free dailies on the whole suffered steeper declines in their unique source of revenues; advertising fell by 10.9% in 2010, and in the first months of 2011 the drop grew up to 24.0%.

5. Advertising (Short-term and long-term trends, highs, lows)

Advertising has caused the most problems due to its relationship with the economic cycle. In 2010, the advertising market showed a moderately positive increase compared to 2009 (+3.8%). In fact, this was a modest recovery after the 15.2% contraction in the 2008-2009 period. In the first eleven months of 2011, the trend changed and the ad market decreased again (-3,4%). In 2010, TV stations (+6.0%), radio (+7.7%), direct mail (+10.3%) and above all the Internet (+20.1%) recorded their best performances. In the first four months of 2011, TV stations (-3.0%), radio (-7.1%) and direct mail (-6.1%) suffered a turnabout, while the Internet seems to be a cut above (+14.6%).

The publishing sector suffered a decline in 2011 (-5.3%) as regards to both daily newspapers (-6.2%) and periodicals (-3.6%). In 2011 newspaper ad revenues still declined (-5.5%), the drop affecting both national (-5.1%), classified and local advertising (-6.0%).

6. Circulation (Short-term and long-term trends, highs, lows)

As for circulation, the overall framework is still critical. In 2010, newspaper sales reported a 4.3% drop year-on-year and the downward trend did not change in 2011 with the sales still decreasing by 4.5% compared to the same period in 2010. In 2011 subscriptions decreased notably (-6.9%) compared to the same period of 2010.

7. Readership (trends, highs, lows; including reading behaviour – average issue readership and reading frequency, habits and preferences)

Even though circulation is declining, readership of daily newspapers has managed to maintain high levels. Audipress's last survey puts the number at 24,928,000 on an average day of readers aged 14 years and over in the third cycle of 2011. This signifies a large increase (+3%) on the second cycle of the same year.

9. Ownership (recent and emerging changes, in mergers, acquisitions, alliances; new or planned legislation or initiatives on investment, foreign ownership, cross-ownership, concentration and privatization affecting newspapers as businesses)

According to the 2011 Law-decree (n. 27 of 26 March 2011), the rule limiting cross-ownership of national TV stations and daily newspapers has been postponed to 31 December 2012. Up to that date, national TV stations (both public and private) are not allowed to buy or control publishing newspapers companies, the only exception being those publishing exclusively online.

10. Media / Press Laws (recent or emerging legislation such as changes in privacy or libel laws, or initiatives affecting newspapers as businesses)

In May 2012, the Italian Government presented a reform law of the press sector. It suggested two measures: a decree that clears up the current contributions criteria for the publishing sector and a draft law that redefines the legislation in support of the publishing sector from 2014 onwards.

The new press law – which is still pending but is to be approved before summer – provides:

- New criteria for publications that want access to state contributions.

- New methods of calculations of the contributions.

- New measures to support digital publications.

- The modernization of the delivery and selling system for newspapers and magazines.

11. Copyright (new or planned legislation regarding or initiatives affecting newspapers as businesses)

Publishers and authors today fully embrace the digital world. The popularity of professional media content has never been greater with increasing audiences, which are sometimes multinational, eager to read online and via mobile devices such as smart phones and tablets. Social media has become an important tool for the professional media sector, with publishing houses actively engaging with social networks to interact with readers and reach audiences and interest groups with their content.

Through the consortium named Promopress, Italian publishers are developing and promoting new policies that set out terms and conditions to explain to businesses and users how they may lawfully create summaries, use and redistribute their content This enables enabling them to access to and use, including re-use, of their content via business-to-business licenses, collective licensing and through agreements with academic institutions and publicly accessible libraries.

13. Postal Issues (new or planned legislation or initiatives affecting newspapers as businesses)

The suppression of subsidies in 2010 which cover a 50% reduction of postal tariff for dispatching newspapers and periodicals will heavily affect subscriptions in the future.

14. Taxes (new or planned legislation or initiatives on VAT and other taxes affecting newspapers as businesses)

The VAT rates applied in the publishing sector are as follows: single copy sales, 4%;

Subscription sales, 4%; advertising, 21%; newsprint, 4%; plant, 21%.

18 Opportunities and threats. What do you consider are the major opportunities and threats for newspaper companies in the next five years?

2012 will, once again, represent a difficult market situation for the traditional press sector. Despite readership figures showing that the interest in print products remains high, it will be characterized by a stagnation in advertising and circulation dynamics that confirm the same erosion experienced over previous years.

However, leading publishing groups continue to expand their websites and mobile phone consumer products and services so that they now include community, social networking, video, audio blogging and mobile services in an integrated environment, accessed via both the web and mobile phones. They are changing and morphing into multimedia publishing companies, strongly tied to their brands. These days it is rare to find a newspaper that doesn't embrace the web. In addition to their own sites, many publishers are experimenting with the supply of services and news summaries to people carrying mobile phones and other electronic devices. Things are moving far quicker than some market analysts might have thought a few years ago.

02. Population

Population by age and sex

Numbers in (000)

All Individuals All Individuals % Male Male % Female Female %
0-14 8,555 14
15-64 39,706 65
65 + 12,509 21
Total 60,770 29,755 49 31,015 51
Source:
The World Bank

03. Number of titles and circulation

3.a Number of titles

2007 2008 2009 2010 2011 2011/2007 2011/2010
All newspapers (A+B+C) 94 93 94 95 101 7.4 % 6.3 %
A. Total dailies 94 93 94 95 101 7.4 % 6.3 %
A.1. Total paid-for dailies 85 84 85 90 97 14.1 % 7.8 %
A.1.1 National paid-for dailies 23 23 24 25 26 13.0 % 4.0 %
A.1.2 Regional and local paid-for dailies 62 61 61 65 71 14.5 % 9.2 %
A.1 Total paid-for dailies 85 84 85 90
A.1.3 Morning paid-for dailies 85 84 85 90
A.1.4 Evening and afternoon paid-for dailies
A.2 Total free dailies 9 9 9 5 10 11.1 % 100.0 %
B. Total non-dailies
B.1 Total paid-for non-dailies
B.2 Total free non-dailies
C. Total Sundays
C.1 Total paid-for Sundays
C.2 Total free Sundays

3.b Total average circulation per issue

Circulation in thousands (000)

2007 2008 2009 2010 2011 2011/2007 2011/2010
A. Total dailies 9,453 9,676 8,865 8,581 5,973 -36.8 % -30.4 %
A.1 Total paid-for dailies 5,494 5,291 4,842 4,581 4,273 -22.2 % -6.7 %
A.1.1 National paid-for dailies 3,577 3,440 3,050 2,863 2,222 -37.9 % -22.4 %
A.1.2 Regional and local paid-for dailies 1,917 1,851 1,792 1,718 2,051 7.0 % 19.4 %
A.1 Total paid-for dailies
A.1.3 Morning paid-for dailies
A.1.4 Evening and afternoon paid-for dailies
A.2 Total free dailies 3,959 4,385 4,023 4,000 1,700 -57.1 % -57.5 %
B. Total non-dailies
B.1 Total paid-for non-dailies
B.2 Total free non-dailies
C. Total Sundays
C.1 Total paid-for Sundays
C.2 Total free Sundays
Source:
FIEG
Comment:
In 2011, the total free dailies is estimated

4.b Sales revenues

Total annual revenue (EUR - mln)

2007 2008 2009 2010 2011 2011/2007 2011/2010
All paid-for newspapers (A+B+C) 1,556.1 1,464.0 1,381.8 1,317.6 1,303.4 -16.2 % -1.1 %
A Total paid-for dailies 1,556.1 1,464.0 1,381.8 1,317.6 1,303.4 -16.2 % -1.1 %
A.1 National paid-for dailies 809.2 761.3 718.5 685.1 677.8 -16.2 % -1.1 %
A.2 Regional and local paid-for dailies 746.9 702.7 663.3 632.4 625.6 -16.2 % -1.1 %
B Total paid-for non-dailies
C Total paid-for Sundays
Source:
FIEG

4.c Type of newspaper sales (%)

2007 2008 2009 2010 2011
Single copy sales 69.2 68.1 68.3 68.2 68.8
Subscriptions (home and postal deliveries) 6.3 6.3 6.3 6.1 8.0
Home deliveries
Postal deliveries 6.3 6.3 6.3 6.1
Office deliveries
Bulk (sponsored) deliveries 1.5 1.3 1.0 0.5 0.5
Free distribution 0.6 0.7 0.5 0.5 2.0
Other print 22.4 23.6 23.9 24.7 20.7
Total 100.0 100.0 100.0 100.0 100.0
Source:
FIEG

4.d Cover prices

Average cover price in

2007 2008 2009 2010 2011 Current Year High Current Year Low
Single copy 1.25
Subscription 0.77

05. Newspaper reach, readership and media consumption

5.a Newspaper reach in %

In % of population group

2007 2008 2009 2010 2011
All adults 44.7 45.3 46.2 45.9 47.3
Men 55.6 56.3 56.7 56.9 57.8
Women 34.5 35.0 36.5 35.7 37.7
Main household shopper 36.9 37.8 39.3 38.5
Source:
AUDIPRESS

5.b Age structure of readership

Current Year % of readership Current Year % daily reach within age group
0-14 3.8 41.3
15-24 8.5 48.4
25-34 14.7 49.0
35-44 19.0 48.8
45-54 19.0 52.8
55-64 15.0 49.1
65 + 20.0 40.8
Source:
AUDIPRESS

5.c Media consumption

Minutes per day

2007 2008 2009 2010 2011
Newspapers 75 70 25 23 26
Magazines 27 28 30
Radio 148 145 49 50 53
Television 200 180 106 102 106
Internet 70 75 83 90 97
Internet via PC or Mac
Internet via Smartphone or Tablet

5.d Number of readers

Readers in thousands (000)

2007 2008 2009 2010 2011
A Total dailies 22,798 23,278 24,108 24,072 24,928
A.1 Total paid-for dailies
A.2 Total free dailies 5,987 6,248 6,005 5,217 5,470
A. Total dailies Paid and free (net)* (A.1 + A.2 = paid-for + free) "Ever read"***
A.1 Total paid-for dailies *
A.2 Total free dailies *
Source:
AUDIPRESS

06. Online / Digital publishing

6.a Online editions

2007 2008 2009 2010 2011 2011/2007 2011/2010
Number of newspaper online editions 95 94 95 100 101 6.3 % 1.0 %

6.b Online readership

Unique visitors in (000)

2007 2008 2009 2010 2011 2011/2007 2011/2010
Total newspaper online unique monthly visitors 65,000.0 80,000.0 86,000.0 103,500.0*1
Total newspaper online unique daily visitors 3,200.0 3,633.0 4,004.0 5,477.0 5,915.0 84.8 % 8.0 %
*1
WAN-IFRA Estimation
Source:
FIEG su dati Audiweb

6.c Top daily newspaper websites

Newspaper Publishing Company / Title Average circulation (in 000) Readership (Average issue in 000) Unique monthly visitors (in 000) Monthly page views (in 000) Unique daily visitors (in 000) Daily page views (in 000) Source
1 La Repubblica GRUPPO EDIT. ESPRESSO SPA 439 1,384 11,976
2 Corriere della Sera RCS MEDIAGROUP SPA 429 1,235 9,318
3 La Gazzetta dello Sport RCS MEDIAGROUP SPA 305 544 4,129
4 Il Sole 24 Ore IL SOLE 24 ORE SPA 267 386 2,166
5 La Stampa EDITRICE LA STAMPA SPA 274 334 1,570
6 Quotidiano.net (*) POLIGRAFICI EDITORIALE SPA 302 1,303
7 Il Fatto Quotidiano EDITORIALE IL FATTO 76 241 1,025
8 Corriere dello Sport CORRIERE DELLO SPORT SRL 190 195 1,635
9 Il Giornale SOC. EUROPEA DI EDIZIONI 155 190 673
10 Tuttosport NUOVA EDITORIALE SPORTIVA 97 168 1,144
11 Quotidiani Espresso FINEGIL EDITORIALE SPA 155 817
12 Il Messaggero CALTAGIRONE EDITORE 191 103 412
13 Libero EDITORIALE LIBERO SRL 106 103 428
14 Leggo CALTAGIRONE EDITORE 89 277
15 Il Gazzettino IL GAZZETTINO 81 83 1,031
16 L'Unità NUOVA INIZIATIVA EDIT. 41 64 395
17 Il Mattino IL MATTINO SPA 72 60 313
18 Il Secolo XIX SOC. EDIZ. E PUBBLICAZIONI SPA 74 55 285
19 L'Arena SOC. ATHESIS SPA 44 24 139
20 Il Giornale di Vicenza SOC. ATHESIS SPA 39 24 166
21 Il Tempo QUOTIDIANO IL TEMPO SRL 40 22 59
22 Giornale di Sicilia EDITORIALE POLIGRAFICA 60 22 88
23 Gazzetta Mezzogiorno EDISUD 36 21 57
24 Il Foglio EDITORIALE IL FOGLIO 10 62
25 Corriere Adriatico CORRIERE ADRIATICO 18 18 125
26 La Sicilia.it DOMENICO SANFILIPPO EDITORE 51 14 67
27 Gazzetta del Sud SOC. ED. SICILIANA 44 13 38
28 City 12 59
29 Brescia Oggi EDIZIONI BRESCIA 12 50
30 Nuovo Quotidiano di Puglia QUOTIDIANO DI PUGLIA 18 7 22
Source:
ADS 2011 for circulation. AUDIWEB. December 2011 for unique daily visitors and daily page views

6.d Internet subscribers and users

Number of Internet subscribers in (000) and Number of Internet users in (000)

2007 2008 2009 2010 2011
Internet subscribers 12,199.1 11,283.3 12,300.0 13,400.0
Internet users 24,219.2 26,643.3 29,392.1 32,467.6 34,491.0
Source:
ITU

6.e Broadband Internet

Number of broadband subscribers in (000)

2007 2008 2009 2010 2011
Broadband subscribers 10,122.1 11,276.3 12,082.1 13,062.0 13,432.0
Source:
ITU

07. Advertising

7.aa Gross domestic product

Gross domestic product in current EUR (bln)

2007 2008 2009 2010 2011
GDP 1,554.2 1,575.1 1,519.7 1,553.2 1,578.5

7.ab Gross domestic product per capita

Gross domestic product per capita in current USD (000)

2007 2008 2009 2010 2011
GDP per capita 35.8 38.6 35.1 33.8 36.1
Source:
The World Bank
Comment:
GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

7.ac Ad spend as a % of GDP

2007 2008 2009 2010 2011
% of GDP 0.49 0.47 0.42 0.43 0.43
Source:
ZenithOptimedia

7.ba Advertising expenditure per medium

Advertising expenditure per medium in EUR (mln)

2007 2008 2009 2010 2011
Press (Newspapers + Magazines) 2,475.0 2,286.7 1,788.0 1,711.3 1,602.6
- Newspapers 1,428.5 1,316.8 1,096.2 1,057.1 972.9
- Magazines 1,046.4 969.9 691.8 654.2 629.7
Television 4,046.8 3,996.6 3,591.0 3,806.4 3,688.5
Radio 479.0 489.0 451.6 486.4 448.5
Cinema 49.9 41.7 39.9 44.7 38.0
Outdoor 270.5 262.8 196.2 198.9 179.0
Internet 250.1 285.0 299.4 359.6 799.0
Below the line marketing
Others
Total 7,571.2 7,361.8 6,366.0 6,607.3 6,755.6
Source:
ZenithOptimedia
Comment:
Advertising Data: 2000-2010 Media Key, AC Nielsen, 2011 Agency estimates Notes: 1) After discounts 2) Excludes production costs 3) Excludes agency commission 4) Includes some classified advertising 5) Magazines includes newspaper supplements 6) Internet includes display, classified and search (the latter from 2011)

7.c Advertising revenues

Advertising revenues in EUR (mln)

2007 2008 2009 2010 2011 2011/2007 2011/2010
A. Total dailies 1,711.4 1,605.8 1,360.6 1,305.4 1,239.0 -27.6 % -5.1 %
A.1. Total paid-for dailies 1,623.0 1,525.0 1,302.2 1,253.6 1,196.0 -26.3 % -4.6 %
A.1.1 National paid-for dailies 1,085.0 1,035.0 822.3 622.0 -42.7 %
A.1.2 Regional and local paid-for dailies 538.0 490.0 479.5 574.0 6.7 %
A.1 Total paid-for dailies
A.1.3 Morning paid-for dailies
A.1.4 Evening and afternoon paid-for dailies
A.2 Total free dailies 88.4 80.8 58.4 52.0 43.0 -51.4 % -17.3 %
B. Total non-dailies
B.1 Total paid-for non-dailies
B.2 Total free non-dailies
C. Total Sundays
C.1 Total paid-for Sundays
C.2 Total free Sundays
Source:
FIEG

7.e Contribution of display, classified, insert and online advertising to total advertising revenue in (%)

2007 2008 2009 2010 2011 2011/2007 2011/2010
Display 92.7 92.0 92.4 91.9 91.9 -0.9 % -0.1 %
Classified 7.3 8.0 7.6 8.1 8.2 11.6 % 0.6 %
Inserts
Online
Other
Total 100.0 100.0 100.0 100.0 100.0 0.0 % 0.0 %

7.f Top newspaper advertising categories

Expenditure in EUR mln

Advertising sector Expenditure
1 Clothing 82.881
2 Auto 78.525
3 Distribution channels 64.866
4 Finance/insurance 60.923
5 Professional services 52.622
6 Household 47.738
7 Personal objects 40.491
8 Media/publishing 39.004
9 Tourism/travel 37.273
10 Telecommunications 33.231
Source:
ZenithOptimedia
Comment:
Figures from 2010

7.g Top newspaper advertisers

Expenditure in EUR (000)

Advertiser Expenditure
1 Citizen 14,082
2 Vodafone 11,975
3 Ford 11,086
4 Chateau D'Ax 10,221
5 Media Market 10,186
6 Volkswagen 9,952
7 Scavolini 9,604
8 Sky 7,863
9 Telecom Italia 6,946
10 Toyota 6,924
Source:
ZenithOptimedia
Comment:
Figures from 2010

08. Publishers and newspapers

8.a Top publishing companies

Total revenue in EUR (000), Total circulation in (000)

Publishing company Ultimate parent company Total circulation Total revenue
1 RCS MEDIA GROUP SPA
2 GRUPPO ED.LE L'ESPRESSO SPA
3 IL SOLE 24 ORE SPA
4 CALTAGIRONE EDITORE
5 POLIGRAFICI EDITORIALE SPA
6 EDITRICE LA STAMPA SPA
7 SOCIETA' ATHESIS
8 CORRIERE DELLO SPORT SRL
9 SOC. EUROPEA DI EDIZIONI
10 EDITORIALE LIBERO

8.ba Top paid-for dailies

Cover prices and ad rates in EUR; Circulation (Average daily in 000) and Readership (Average issue in 000)

Title Founded (Year) Language Publishing company Ultimate parent company Circulation Readership Format Average cover price Full page mono ad rate (rate card) Full page colour ad rate (rate card)
1 CORRIERE DELLA SERA 1876 ITALIAN RCS MEDIAGROUP SPA 483 3,430 Rheinisch 1.20 175,800
2 LA REPUBBLICA 1976 ITALIAN GRUPPO ED.LE L'ESPRESSO SPA 439 3,523 Berliner 1.00 176,000
3 LA GAZZETTA DELLO SPORT 1896 ITALIAN RCS MEDIAGROUP SPA 300 4,377 Belgian 1.00 95,000
4 LA STAMPA 1867 ITALIAN EDITRICE LA STAMPA SPA GRUPPO FIAT 274 2,321 Berliner 1.20 228,600
5 IL SOLE 24 ORE 1965 ITALIAN IL SOLE 24 ORE SPA CONFINDUSTRIA 267 1,179 Nordic 1.00 234,240
6 CORRIERE DELLO SPORT -STADIO 1924 ITALIAN CORRIERE DELLO SPORT 186 1,866 Belgian 1.00 93,600 93,600
7 IL MESSAGGERO 1878 ITALIAN IL MESSAGGERO SPA CALTAGIRONE EDIT. 191 1,607 Rheinisch 1.00 193,872 193,872
8 IL GIORNALE 1974 ITALIAN SOC. EUROPEA DI EDIZIONI SPA 155 746 Rheinisch 1.20 100,800
9 IL RESTO DEL CARLINO 1885 ITALIAN POLIGRAFICI EDITORIALE SPA MONRIF SPA 141 1,333 Tabloid 1.20 150,000 210,000
10 LA NAZIONE 1859 ITALIAN POLIGRAFICI EDITORIALE SPA MONRIF SPA 113 936 Tabloid 1.20 150,000 210,000
Source:
AUDIPRESS; FIEG

8.bb Top free dailies

Cover prices and ad rates in EUR; Circulation (Average daily in 000) and Readership (Average issue in 000)

Title Founded (Year) Language Publishing company Ultimate parent company Circulation Readership Format Average cover price Full page mono ad rate (rate card) Full page colour ad rate (rate card)
1 LEGGO 2001 ITALIAN CALTAGIRONE EDITORE 963.0 1920 Tabloid 135,000
2 METRO 2000 ITALIAN 850.0 1542 Tabloid 163,552
3 CITY 2001 ITALIAN REC MEDIAGROUP 769.0 1746 Tabloid 100,000 100,000
4 DNEWS 2008 ITALIAN 262 Tabloid 112,750
Source:
AUDIPRESS; FIEG

09. Employment and salaries

9.a Employment

2007 2008 2009 2010 2011 2011/2007 2011/2010
Total number of journalists 6,731 6,723 6,644 6,600 6,377 -5.3 % -3.4 %
Number of full-time journalists 6,391 6,523 6,471 6,278 -1.8 %
Number of part-time journalists 340 200 173 99 -70.9 %
Total number of other employees 6,995 6,652 6,295 5,780 5,456 -22.0 % -5.6 %
Total number of employees (journalists + others) 13,726 13,375 12,939 12,380 11,623 -15.3 % -6.1 %
Source:
INPGI - FONDO CASELLA

11. Research

11. Research

Circulation is audited by: ADS
Readership is measured by: AUDIPRESS
Methodology:
Print advertising revenue is measured by:
Methodology:
Digital advertising revenue is measured by AUDIWEB
Methodology:
Digital audience is measured by:
Methodology:
Digital advertising revenue is measured by:
Methodology:

12. Taxes

2010 2011
Standard VAT 20 21
Single copy sales 4 4
Subscription sales 4 4
Advertising 20 21
Newsprint 4 4
Composition 4
Plant 20 21
Other taxes

13. Subsidies

13.b Direct subsidies

(EUR, mln)

2007 2008 2009 2010 2011
National currency 150.0 179.0 153.0 148.0 115.0
Source:
FIEG

15. Ownership

15a Source :

FIEG

15.b Cross-media ownership restrictions

Sorry, no data available.

16. Contact


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