Spiegel also saves
No one is truly immune to the pressures of the economic crisis: even *Der Spiegel* is cutting costs. It was decided by mutual agreement to cut costs across all divisions and at all of the company’s subsidiaries.
No one is immune to the pressure of the economic crisis: Spiegel is also making savings. According to a statement from the publishing house, it has been decided by mutual agreement to cut costs in all areas and at all of the company's subsidiaries. The reason, as in practically all places, is the decline in advertising revenues.
"From what we believe we know today, advertising revenues will continue to decline by double digits," the statement continues. However, as publishing director Ove Saffe said, the aim is to cut costs "without compromising the substance of our journalistic products."
Material and departmental costs, such as travel and personnel costs, are to be reduced. In individual cases, it will also be examined whether vacant positions need to be filled. Although the Spiegel publishing group is in an excellent position, it lost around 10 percent of its advertising revenue last year. "Although we are suffering less than our competitors, this does not make the situation any better," Saffe continued.
"From what we believe we know today, advertising revenues will continue to decline by double digits," the statement continues. However, as publishing director Ove Saffe said, the aim is to cut costs "without compromising the substance of our journalistic products."
Material and departmental costs, such as travel and personnel costs, are to be reduced. In individual cases, it will also be examined whether vacant positions need to be filled. Although the Spiegel publishing group is in an excellent position, it lost around 10 percent of its advertising revenue last year. "Although we are suffering less than our competitors, this does not make the situation any better," Saffe continued.
