Revenue at Irish Independent owner Mediahuis remains stable as subscriptions offset print declines

Company said the increasing numbers of subscribers, along with 'adjustments to subscription prices', offset cost increases in other areas

Gert Ysebaert, chief executive of Mediahuis Group, said 2024 was a 'year full of challenges' for the media sector.

Mediahuis, the Belgium media company which owns the Irish Independent and Sunday Independent, saw revenue and profit remain stable during last year, as digital subscription growth offset a decline in print, advertising revenue and labour cost increases.

The company, which operates media titles in Belgium, the Netherlands, Ireland, Luxembourg and the German region of North Rhine-Westphalia, generated revenue of €1.236bn during 2024 — a 0.5% increase year-on-year — while operating profit dropped 1.3% to €151m.

Mediahuis said the increasing numbers of subscribers, along with “adjustments to subscription prices”, offset cost increases in other areas.

Subscriber numbers across the entire group totalled 1.8 million during 2024. In the Irish market, which is still driven by newsstand sales, Mediahuis has 90,000 digital subscribers.

Mediahuis Group chief executive Gert Ysebaert said 2024 was a “year full of challenges” for the media sector, with a “volatile economy, geopolitical uncertainties, increasing polarisation and a rapidly changing technology ecosystem”.

“Despite these developments, Mediahuis managed to hold up well,” he said.

Last year, the company made a number of acquisitions, including Switcher and Carzone in Ireland, as well as other brands in Belgium and the Netherlands.

It is also seeking to acquire DGN Group in the Netherlands, which owns a range of platforms that allow  consumers to compare health insurance policies, energy providers and notary services. This transaction is still subject to approval by the Dutch Authority for the Financial Markets.

To accommodate declining print volumes across its business, Mediahuis closed its printing facility in Aachen, Germany, and centralised production in Paal-Beringen, Belgium.

In early 2025, Mediahuis announced its plan to close its Amsterdam printing plant.