The Guardian has announced that it is to adopt a "digital first" strategy for its news output, after the newspaper reported losses of £34.4 million in 2009-2010 and £33 million the following year.
Speaking to Press Gazette, a Guardian spokesperson said that the focus on digital was now the priority with a number of resources being moved from print to digital.
Digital income for this financial year is set to be around £47 million and the Guardian is hoping that this will be doubled over the next five years.
Guardian editor Alan Rusbridger admitted that the company must "move beyond the newspaper, shifting focus, effort and investment towards digital, because that is our future".
Digital vs print
Given the huge losses, it is interesting that the Guardian, according to the Press Gazette, has said that staff levels will not change, nor will overall editorial budgets – but more money will be put into digital properties.
Insiders at the paper, however, believe that redundancies will have to happen and are pointing to possible closures of a number of the main paper's supplements.