Good times will return, says Aroon Purie, as Living Media reverses salary cuts

The print industry, which had seen a steep decline in circulation and ad revenues during the peak pandemic period last year, has been on the rebound. The strict lockdown conditions had put a halt to print production and distribution for some months in 2020 as people and RWAs were hesitant to allow newspapers and magazines into their homes due to the fear of COVID-19 infections.

Several print media organisations have had to resort to cost cutting measures to keep afloat their operations. These measures included salary cuts, reducing staff, shutting down some editions and even shifting to an entirely work from home operations and letting go of rented offices.

However, with the unlock process and revival of the economy, albeit a bit slowly, print media has been seeing growth, as reflected in the last two quarters.

India Today Group was one of the many media organisations that had to reduce salaries of its staff in June 2020. Now, the group has decided to reverse this salary cut. In an internal mail (which Adgully has seen), Aroon Purie, Founder and Chairman, Living Media India, stated, “Over and above the Ex-Gratia Award given recently, I have decided that salary reductions for all LMI staff shall be reversed, effective September 1st, 2021.”

While giving the reasons for the decision to cut costs, Purie said, “Even before the pandemic, the magazine industry was under severe stress. With the economy contracting, advertising, our primary source of revenue, virtually collapsed, plus distribution was impacted due to corona lockdowns. The only way to survive was to reduce costs.”

Thanking his staff for working together through the crisis undeterred, he praised them for the courage, resourcefulness, forbearance and ingenuity shown during the challenging times.

He further said, “Despite the churn in the media landscape, magazine stories have a profound and lasting impact. Advertisers see that too. I hope more will”, and also added, “While we are nowhere near pre-COVID levels, or expect to be there in the foreseeable future, we must move on and adjust to a new reality.”

Purie ended his letter on an optimistic note stating that “the good times will return” and “We will all then progress and prosper with our magazines.”