UK audience for Future brands Tom’s Guide and Techradar since July 2024. Source: Ipsos iris Online Audience Measurement Service, endorsed by UKOM, July 2024 – August 2026, UK internet users aged 15+ using PC / Laptop, smartphone or tablet device(s). There may regularly be digital market factors outside of the control of Ipsos iris that can impact the data for digital publishing brands.
UK-based magazine and specialist publishing giant Future is cutting jobs for the second time this year, blaming declines in search traffic as one tech brand’s audience is down 55% in the UK compared to before the launch of Google’s AI Overviews.
Android Central, Tom’s Guide and Techradar are among the newsbrands where staff in the UK, US and Canada have been told of redundancies in the past week.
Future chief executive Kevin Li Ying told staff in a memo, seen by Press Gazette, last week: “As you know, there have been significant, ongoing changes in our industry, primarily driven by the decline in search. Therefore, we have reluctantly informed a number of our colleagues this week that their roles are at risk of redundancy.
“I know this is an unsettling time for everyone, particularly as this is not the first time we have had to make these incredibly difficult decisions in the last year. They are by no means a reflection of the hard work, talent, and dedication of those individuals. Rather, they reflect the ongoing, broader shifts facing the entire media industry and Future directly.”
The Verge reported that all staff at tech newsbrand Android Central had been laid off , including its editor-in-chief and managing editor. Six dedicated members of staff were listed on the Android Central “about” page.
Future denied that the site was closing altogether and a spokesperson said: “Future will continue to publish Android Central. We’ll share further information about the future of the site in due course.”
In January, 45 editorial redundancies were made in Future’s tech divisions, primarily at news and reviews site Techradar and product reviews brand Tom’s Guide where a “significant restructure” was to take place.
These sites have been hit once again following further audience declines throughout this year, but the number of roles put at risk is unclear.
In the UK, Techradar’s monthly audience fell by a quarter between January and August, from 3.4 million to 2.5 million. Tom’s Guide plummeted by 38% from a UK audience of 2.2 million to 1.4 million, according to Ipsos iris data.
Compared to July 2024, a month before AI Overviews officially launched at the top of Google search results in the UK, these brands are down by 35% and 55% respectively.
Future told investors last week that it remained on track to make revenue of around £707m in the year to 30 September which would put it down 4% compared to the previous year.
It also announced it was pausing its share buyback scheme after executing around £24m of £30m to focus on deleveraging in the next financial year.
A Future spokesperson told Press Gazette: “We have made the difficult decision to reduce headcount in certain areas of the business to enable greater focus on future growth areas. These decisions are never taken lightly.
“In the UK, the consultation process remains ongoing, and we continue to explore ways to minimise, and where possible, mitigate the impact, including suitable alternative roles and internal vacancies where available.”
Earlier this year Future said 15% of group revenue came from non-diversified brands that still relied on Google for the majority of their audience and revenue, but did not specify which publications were in this category. A further 45% of revenue came from brands further in their transition towards other revenue streams but who still relied on Google as a major traffic source.
At time of writing Future’s share price of 296p on the London Stock Exchange gave it a market cap of £263m, roughly 10% of what the company was worth at its peak five years ago.
Email [email protected] to point out mistakes, provide story tips or send in a letter for publication on our “Letters Page” blog