Financial Times iPad App Generates $1.5 Million in Ad Revenue

According to a report by the Guardian, business media heavyweight The Financial Times reported that their iPad app has generated over $1.5 million in advertising revenue in only five months. The Financial Times was one of the first publishers to embrace the potential of the iPad as a media device and their FT iPad app has remained one of the top downloaded titles in the Apple App Store.

When the FT app first launched this past May, it offered readers free content sponsored by watch maker Hubolt. Since then, the company has moved to a subscription based service where users are able to download the app for free but must then register at ft.com to gain access to certain content. Since the app launched, The Financial Times has been able to attract more than 400,000 subscribers who have signed up for the service. The FT iPad app is one of the latest elements in the company’s overall digital strategy and iPad owners now make up 10% of all FT digital subscribers.

The Financial Times was one of the first publishers to see the shift in media consumption and quickly began experimenting with new ways to digitally engage customers. Ben Hughes, FT’s deputy CEO, speaking during this week’s MediaGuardian Changing Advertising Summit in London said that company has been able to diversify its revenue base and that advertising revenue now accounts for only 40% of the papers total revenue.

Recently, publishers have struggled to retain readers with the plethora of free content available on the web. The iPad and upcoming tablet device were quickly seen as a potential savior of the publishing industry and almost every major publisher has released an application for the Apple’s latest device.