Tysons, Virginia-based Gannett, publisher of USA Today and dozens of local newspapers, reported a drop in fourth quarter revenue, though it cut its quarterly losses and saw an increase in its paid digital-only subscribers.
For the quarter, Gannett lost $22.4 million, compared to a net loss of $122.2 million in the same quarter a year earlier. Quarterly revenue was down 5.6% to $826.5 million. Advertising revenue was down 6.6% from a year ago.
Online subscriber revenue for its newspapers was up 25.5% from a year earlier, accounting for $27.6 million of total revenue last quarter.
Gannett ended the quarter with more than 1.6 million paying digital-only subscribers, a 49% year-over-year jump.
In 2021, total digital revenues, including advertising and marketing, surpassed $1 billion, representing 32% of total revenue. Digital-only circulation revenues totaled more than $100 million for the year.
For the full year, Gannett lost $135 million. It expects to cut its annual loss to a range of $50 million to $70 million for 2022.
Gannett CEO Michael Reed said the company will invest $80 million in content, marketing, and other areas this year.
