Major Indian Newspapers Turn to Non-Print Segments to Offset Declining Readership, Report Says

Major newspaper groups in India are increasingly shifting focus toward non-print operations to maintain their relevance and protect their financial standing, according to a report released on Wednesday by Crisil Ratings. The analysis, which evaluated five of the country's most widely circulated dailies, indicates that non-print revenues—including digital platforms, out-of-home advertising, and event management—are expected to grow by 10 to 12 percent annually from fiscal 2025 to 2027.

This projected growth stands in sharp contrast to the core print business, which is anticipated to grow by only 2 to 3 percent over the same period. The transition has gained urgency due to a steady decline in legacy readership. According to the findings, the circulation of large newspapers dropped from 1.5 crore in 2019 to 1 crore in 2025, with further declines anticipated as younger readers transition to digital formats.

Consequently, print-related revenues, including print advertising, have declined at a compound annual growth rate of 1 to 2 percent over the past seven years. Manish Gupta, senior director and deputy chief rating officer at Crisil Ratings, noted that diversification is no longer optional for major publishers. He explained that large newspapers are leveraging their strong brand equity and deep regional reach to bundle print, digital, radio, events, and outdoor media into integrated solutions for advertisers.

The data highlights a structural shift in how these media houses generate income. The contribution of non-print revenues to the overall revenue base rose from 13 percent in 2019 to up to 25 percent in 2025. While non-print segments are structurally less profitable, scale benefits in digital and adjacent operations are expected to help preserve overall operating margins at 12 to 13 percent.

Profitability varies across non-print segments. Out-of-home advertising and event management generally deliver lower profits due to high operational costs and intense competition. However, digital operations are steadily reducing pre-tax losses as they move past the incubation stage and achieve operating scale.

Despite the changing revenue mix, large publishers are expected to sustain their credit profiles. Ankit Hakhu, director at the rating agency, noted that credit resilience will rely less on the print business and more on balance sheet strength. Publishers are entering this transition period with conservative capital structures, net cash positions, and sizeable liquid investment portfolios, providing them with the financial flexibility needed to invest through the transition cycle.

Nevertheless, the report points to several risks that bear watching, including a sharper-than-expected decline in circulation, slower monetisation of digital platforms, or a delayed scale-up of non-print businesses.

"The shift away from traditional print highlights a critical business reality: legacy brands must continually diversify to survive changing consumer habits. As younger audiences move to digital platforms, media companies are rightly investing in non-print streams like events and digital media. For entrepreneurs and established businesses alike, protecting long-term viability requires strong balance sheets and the flexibility to pivot before structural pressures erode core profitability." — Dr. Shishir Gupta, Founder & CEO, StartupLanes