The price of the Business Daily newspaper is rising by Sh. 40 per copy. Starting from may 20, 2024, the Nation Media Group which owns the newspaper will sell the Business Daily at Sh. 100 per copy. The newspaper currently retails at Sh. 60 per copy.
According to an internal memo released by the media house, the price of Business Daily ePaper shall also rise. The ePaper shall go up by Sh. 20 to retail at Sh. 80 per edition.
“This is to inform you that effective May 20th, 2024, there will be a price adjustment for both The Business Daily Newspaper and ePaper. The Business Daily Newspaper shall retail at Sh.100 and the ePaper at Sh. 80. We believe that this adjustment is essential in maintaining the excellence of our publication and upholding our dedication to providing invaluable insights to our readers,” the Nation Media Group said.
The media house attributed the increase in price to what it termed as the increased cost of production. “We grown over the years to become the leading business newspaper in Kenya. We pride ourselves in offering exclusive business content and data insights, with a commitment to delivering value, credibility, and innovative solutions. As we grow, market dynamics keep changing, affecting our production processes-primarily cost of production,” the media house stated.
“We are committed to delivering quality content in line with its mandate as the go-to source for insightful business news and analysis. We promise to continue being the trusted leader in the business media landscape, providing you with the information you need to make informed decisions in your respective industries.”
Nation Media Group sinks into Sh. 205.7 million full year net loss
The increase in the cost of the paper comes a few weeks after the Nation Media Group installed a paywall on the newspaper’s online content. The media group has been shifting towards new sources of revenue to cope with decreased newspaper circulation and loss of advertising to digital platforms.
In April this year, the media house announced a full year net loss for the period ended December 2023. The media company’s financial report showed that it recorded a net loss of Sh. 205.7 million. This loss was attributed to among others reduced spending power by consumers and the weakening of the Kenya shilling in the year 2023.
“The Group’s performance during the period was adversely impacted by a challenging macro-economic environment characterized by weakened consumer spending, rising prices of basic commodities, higher fuel prices and rising interest rates,” the media house stated.
