With the demise of the Star Touch iPad app experiment, parent company Torstar has announced it is already saving money in the restructuring. The last issue published within Star Touch was last week on August 1st.
During its recent earnings call, Torstar announced it had already saved $1.2 million in their most recent quarter, and total savings for the rest of 2017 will top $7 million, according to the company’s publisher John Boynton, reports The Globe and Mail.
“We expect those cost reductions to help offset print advertising revenue trends, which we expect will continue to be challenging,” said Boynton.
Star Touch for iPad was using Quebec-based La Presse’s technology, but the new Toronto Star digital edition uses a different tech stack for its advertising implementation.
Torstar reported a $7 million Q2 loss in its three months ending June 30, compared to a $23.9 million loss a year ago.
Star Touch for iPad launched back in September 2015, and had high hopes for the company as it initially announced a $14 million investment for its iPad daily newspaper.
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Truly incomprehensible as La Presse’s iPad version is successful since inception. I guess Torstar has more competition from G+M, Sun and NP.
Having worked for Postmedia/Canwest/Hollinger/Southam in reverse order for over thirty years, mainstream media is still struggling with how things will finally shake down. The old paper model is dead like home milk delivery. Postmedia has spent millions trying to figure out how to return to a profitable model like the good old days and it isn’t ever going to happen.