Now Reading: Non-print revenue share of Indian newspapers doubles in eight years
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Non-print revenue share of Indian newspapers doubles in eight years
The non-print revenue share of major Indian newspapers has doubled from 13% in 2019 to about a quarter in 2025, according to a Crisil Ratings report published on Wednesday. The report, which analysed five of the largest dailies, forecasts non-print revenue to grow 10-12% annually between FY25 and FY27, far outpacing the 2-3% growth expected from traditional print business.
The report attributes the shift to declining print circulation, which dropped from 1.5 crore in 2019 to 1 crore in 2025, as younger readers migrate to digital platforms. However, it notes that non-print businesses are structurally less profitable, though digital operations are gradually reducing pre-tax losses as they scale.
Large publishers are expected to sustain their credit profiles through the transition due to conservative capital structures and net cash positions. The rating agency said a sharper-than-expected circulation decline or slower digital monetisation will bear watching.
Indian Opinion Analysis
Crisil Ratings, a credit rating agency, has released a report forecasting that non-print revenue for large Indian newspapers will grow 10-12% annually between FY25 and FY27, while core print revenue will grow only 2-3%. The report notes that circulation for major dailies has fallen from 1.5 crore in 2019 to 1 crore in 2025. Both Deccan Herald and The Hindu Business Line report the same facts from the same source, making the coverage uniform straight reporting. The critical takeaway is that non-print revenue now constitutes about a quarter of total revenue, up from 13% in 2019, but the rating agency warns that a sharper-than-expected circulation decline or slower digital monetisation remains the key risk to watch.
Coverage: 2 sources, 2 neutral
Sources (2): deccanherald.com (neutral report), thehindubusinessline.com (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
