no. 1000 for City AM

CityAM1000London free business daily City AM celebrated its 1000th newspaper last Friday with a special anniversary issue counting 44 pages.

Celebrities like prime minister Gordon Brown, London mayor Boris Johnson and Virgin-CEO Richard Branson congratulated the paper with no. 1000.

In a special section the history is told and the successes (scoops, readership) of the paper are featured as well. (Not mentioned are the shelved plans for expansion in the UK and beyond – see my own history below.)

Lawson Muncaster, ex-Metro International’s vice president for global sales, launched City AM in September 2005. The paper was distributed in the London city centre (square mile). Munchaster raised £10m for the operation. Biggest investor was Boudewijn Poelmann’s Blue Bull, Poelmann was chairman of the Dutch lottery and co-founder of Independent Media, the company behind the Moscow Times, a free paper launched in 1992, now published by Sanoma.

City AM was thinking about new editions for Edinburgh, Leeds, Bristol, Manchester and Birmingham in March 2006, later autumn 2007 and 2008 were mentioned for new launches. The paper also wanted to expand to Frankfurt, Hong Kong, Tokio and New York. Paris and perhaps Amsterdam could follow later. In London circulation increased from 70,000 at the start to 100,000 now.

From October 2007 to March 2008, City A.M. made a profit of £47,000 before tax (€60,000). The revenues were £3.5m in that period. In 2008, however, the publisher made a loss of £754,000. City AM had journalists edit their own copy, resulting in six subeditors losing their job in 2008. Also two sales people were let off.

The e-paper version of City AM is not really state-of-the-art. Navigation is difficult, online reading pretty hard. There is also no archive nor pdf download.

Comments are closed.