Major Indian newspaper groups are pivoting toward digital, events, and outdoor advertising, with non-print revenue projected to grow up to 12% annually through FY27. This shift addresses the structural decline in print circulation, which dropped from 1.5 crore in 2019 to 1 crore in 2025. Investors are monitoring how publishers manage the lower profit margins of these new segments while maintaining overall financial stability.
India's large newspaper publishers are rapidly changing their business models to adapt to a digital-first environment. With traditional print readership steadily declining, companies are now looking to digital platforms, event management, and out-of-home advertising to drive future revenue. A recent analysis by Crisil Ratings indicates that non-print revenue streams are expected to grow at an annual rate of 10-12% between fiscal years 2025 and 2027, significantly outpacing the modest 2-3% growth projected for traditional print.
The Growth Gap Between Print and Digital
The move toward non-print segments has already begun to show in company revenue books. The contribution of non-print business to the total revenue of these publishers has risen to approximately 25% in 2025, up from just 13% in 2019. This transition is a direct response to changing reader habits. Print circulation for large dailies has faced a structural decline, falling from 1.5 crore in 2019 to 1 crore in 2025, primarily as younger audiences migrate to digital media.
Over the last seven years, print-related revenue has experienced a compound annual decline of 1-2%. To combat this, newspaper groups are leveraging their strong brand equity and wide regional reach to bundle integrated advertising solutions that include print, radio, and digital channels.
Margin Dynamics and Operational Risks
While the pivot is necessary for growth, it brings a change in profitability dynamics. Non-print businesses, such as event management and outdoor advertising, often operate with different margin profiles compared to the established print business due to higher operational costs and intense competition. However, publishers are aiming to keep overall operating profit margins steady at 12-13%.
The challenge lies in scaling digital operations enough to reduce early-stage losses and improving the monetization of online platforms. While traditional print has a long history of predictable returns, new ventures in events and outdoor advertising require larger upfront spending and more aggressive competition for market share.
Despite these hurdles, the industry remains financially resilient. Many large publishers maintain conservative capital structures, solid cash positions, and liquid investment portfolios. This financial flexibility provides a buffer as they navigate the transition away from a print-heavy revenue base.
For investors, the key monitorable remains the sustainability of these profit margins as the revenue mix shifts further toward digital. Success will depend on the ability of these companies to successfully scale their non-print businesses while managing the costs associated with competing in crowded digital and outdoor advertising markets.