Declines were reported for Zoomer magazine, On The Bay magazine, and Tonic magazine which Zoomer purchased in September 2020.
For 2021, total revenues for the print operation declined 6.6%.
This was mainly due to the impact of COVID on advertising sales. The lockdowns also hit the travel and hospitality sectors, which are a key business for Zoomer. Operating expenses increased by 13%, mainly due to lower Aid to Publisher subsidy, the addition of Tonic, and increased circulation initiatives for Zoomer.
For Zoomer magazine, subscriber fees increased 4.7% but advertising declined 20.4%.