According to an announcement made yesterday, the AP says revenue fell nearly 10 percent in 2009. Furthermore, it anticipates further declines this year.
The AP released its ’09 financial results at its annual meeting in New York.
According to the report, net income fell 65 percent to $8.8 million in 2009, down from $25.1 million in 2008. Furthermore, the Associated Press would have posted a loss if it wasn’t for the $13.2-million sale of its German-language news service.
In total, 2009 revenues were $676.1 million, down from $747.7 million in 2008.
If revenue continues to fall as expected this year, it will be the first time the AP has suffered back-to-back decline in revenue since the Great Depression.
Revenue from sales to U.S. newspapers and broadcasters account for 40 percent of the AP’s revenue stream.
Check out more info from the AP’s release here.