Digital platforms, outdoor advertising and events emerge as key growth engines as print circulation declines
Mumbai (Economy India): India’s major newspaper groups are accelerating their shift beyond traditional print as changing reader habits and declining circulation put pressure on the core newspaper business. According to a report by Crisil Ratings, revenue from non-print businesses such as digital platforms, out-of-home (OOH) advertising and event management is expected to grow by up to 12 per cent between FY25 and FY27, compared with growth of only up to 3 per cent in core print revenue.
The findings underline a structural transformation in India’s media industry, with large newspaper publishers increasingly diversifying their businesses to maintain growth and protect financial stability.
Non-Print Revenue Gains Importance
Crisil Ratings said India’s major newspaper groups are no longer depending exclusively on print to preserve their market position or protect credit quality.
Non-print businesses are becoming an increasingly important source of revenue as publishers expand into digital media, outdoor advertising, events and other allied activities.
According to the report, non-print revenue is expected to account for around one-fourth of total revenue of large newspaper groups in the current fiscal year, compared with about 13 per cent in FY19.
This sharp increase reflects the growing importance of diversification in the traditional newspaper business.
Print Circulation Falls 33% Since 2019
The transition has become more urgent because of the sustained decline in newspaper circulation.
Crisil’s analysis found that circulation of large newspapers declined to approximately 1 crore copies in 2025 from 1.5 crore in 2019.
The decline is expected to continue as younger readers increasingly prefer smartphones, websites, apps and social media platforms for news consumption.
This shift is putting pressure on publishers to develop digital-first strategies while continuing to monetise their established print brands.
Digital Platforms Drive Growth
Digital platforms are emerging as one of the most important growth opportunities for newspaper companies.
Publishers are investing in websites, mobile applications, digital video, social media and other online formats to reach younger audiences.
The digital transition also provides opportunities to generate advertising revenue from audiences that are no longer consuming news primarily through physical newspapers.
Events and Outdoor Advertising Expand Revenue Base
Newspaper groups are also using their established brands and audience reach to expand into event management and out-of-home advertising.
Events can provide publishers with new advertising and sponsorship opportunities, while outdoor advertising allows them to participate in a broader media and marketing ecosystem.
These businesses can help reduce the industry’s dependence on circulation revenue and traditional print advertising.
Print Business Faces Structural Challenges
The expected up to 3 per cent growth in core print revenue between FY25 and FY27 highlights the challenges facing the traditional business.
Print remains an important source of revenue for major publishers, but slower growth compared with non-print businesses indicates that future expansion is increasingly likely to come from diversified operations.
The changing advertising landscape is also influencing publishers, with advertisers increasingly allocating budgets across digital, outdoor and experiential formats.
Non-Print Business Becomes Important for Credit Quality
Crisil Ratings’ assessment suggests that diversification is not merely a growth strategy for newspaper companies but is also becoming relevant to their financial resilience.
A broader revenue base can reduce dependence on print circulation and advertising and help publishers withstand structural changes in media consumption.
The increasing contribution of non-print businesses could therefore support the long-term credit profiles of large media companies, provided they are able to scale these businesses profitably.
Key Numbers at a Glance
| Indicator | Details |
|---|---|
| Non-print revenue growth, FY25-FY27 | Up to 12% |
| Core print revenue growth, FY25-FY27 | Up to 3% |
| Non-print share of revenue | Around 25% currently |
| Non-print share in FY19 | Around 13% |
| Large newspaper circulation in 2019 | 1.5 crore |
| Large newspaper circulation in 2025 | 1 crore |
Younger Readers Accelerate Digital Shift
The changing preferences of younger consumers remain one of the biggest long-term challenges for traditional newspapers.
A growing number of young readers now access news through digital platforms, making it increasingly important for newspaper companies to build strong online audiences.
For publishers, the challenge is to convert digital reach into sustainable revenue through advertising, subscriptions, events and other commercial offerings.
Newspaper Companies Move Towards Multi-Platform Media Models
The Indian newspaper industry is gradually evolving from a traditional print business into a broader multi-platform media industry.
Print newspapers continue to play an important role, but the faster growth expected from digital, outdoor advertising and events indicates that diversification will increasingly determine the industry’s future.
The rise of non-print revenue from around 13 per cent of revenue in FY19 to roughly 25 per cent currently demonstrates the scale of this transformation.
Outlook
The next few years are likely to see newspaper publishers place greater emphasis on digital platforms, events, outdoor advertising and other non-print businesses.
With print circulation facing continued structural pressure, companies that successfully diversify their revenue streams could be better positioned to maintain growth and financial strength.
The trend also signals a broader change in India’s media economy: the future of newspapers may increasingly depend not just on how many copies they sell, but on how effectively they monetise their audiences across multiple platforms.
Economy India | www.economyindia.in
