India’s top-selling newspaper industry has been hit by a collapse in circulation numbers and the sharp fall in advertising revenue, with its revenues down by nearly 50 per cent in the past year.
The Bombay Times has seen its circulation drop by nearly 70 per cent and advertising revenue fall by nearly 80 per cent, according to data compiled by Bloomberg.
The Times, the national daily of India, has lost about Rs 4,000 crore ($1.35 billion) in circulation since it launched in December last year.
A report by market research firm Euromonitor International showed the Mumbai-based newspaper, which has a circulation of nearly 15 million, has slumped by 45 per cent since the end of June, falling from nearly $10 million in revenue a year ago to about $8 million in the fourth quarter.
The decline has been particularly sharp in the eastern state of Gujarat, where the Times’ circulation has been plummeting by 75 per cent over the past two years.
India’s first Indian-language daily newspaper, The Hindustan Times, also fell by over 50 per