Australian publishing giant Fairfax Media showed much-improved financial performance for the year ending June 30, with annual net profits of AU$282 million after incurring a $380 million loss last year, caused due to declines in advertising revenues. Fairfax will also begin charging for content online and across emerging mobile platforms, to survive in the competitive newspaper industry, Agence France-Presse reported today.
Fairfax's online payment strategy will centre around a two-tier model, wherein users will be required to pay for accessing premium content, while generic content will continue to remain free, Sydney Morning Herald reported. The general news on websites of The Melbourne Age and Sydney Morning Herald will remain free, while "premium niche content" such as that on The Australian Financial Review's website will be charged.
The media group aims to pursue "greater sharing of editorial content and collaborating across print, online and mobile, more integrated selling and monetising our content online and on emerging platforms," Fairfax said in a statement to the Australian Stock Exchange, according to AFP.