UK digital publishers’ revenue falls 1.5% despite subscription and display growth, according to AOP and Deloitte data

Published: 04 Nov 2026

Subscriptions remain the largest revenue stream as total digital revenue reaches £155.04 million in Q2 2026

LONDON, 4^th November 2026 — UK digital publishers recorded a 1.49% year-on-year decline in revenue in the second quarter of 2026, despite growth in subscriptions and display advertising, the latest Digital Publishers’ Revenue Index (DPRI) from the Association of Online Publishers (AOP) and Deloitte reveals.

Total digital revenue among participants reached £155.04 million, compared with £157.39 million in Q2 2025, marking the second consecutive quarter of decline, although at a slower pace than the previous quarter. Subscriptions remained the largest revenue category, increasing by 2.49% to £57.98 million, while display advertising grew by 4.50% to £54.08 million. Together, these gains partly offset declines across several other revenue streams.

Miscellaneous revenue recorded the largest decline in cash terms, falling by £3.93 million to £9.27 million, a decrease of 29.77%. Given the nature of this category, it may be one of the most impacted by changing approaches in relation to AI. Off-platform revenue fell by 16.11% to £4.74 million, while video declined by 6.00% to £7.84 million. Digital audio also saw a decline of 15.01% to £3.85 million, some of which may be driven by the growing introduction of video into podcast offerings that were previously solely audio.

Half (50%) of participating publishers reported year-on-year revenue growth, compared with 62% in the first quarter (Q1) of 2026 and 54% in the same quarter last year (Q2 2025), highlighting the uneven nature of results across the publisher pool. A further 42% reported declines of less than 25%, with the remaining 8% seeing significant drops of 25% or more.

Despite the year-on-year decline, total digital revenue was broadly stable across the 12 months to June 2026, increasing by 0.57% to £635.60 million. Subscription revenue grew by 9.05% to £230.91 million, while display advertising increased by 3.20% to £226.05 million. Looking forward to the year ahead, all board member respondents identified advertising revenue growth, new products or services, expansion by acquisition, and cost reduction as high priorities for the next 12 months.

Andy Cowen, lead partner for telecoms, media and entertainment at Deloitte, said: “The picture for digital publishers is increasingly one of divergence rather than uniform growth or decline. The resilience of recurring subscription revenues, alongside growth in display advertising, suggests that publishers with strong audience relationships and established advertising propositions are better placed to navigate a more challenging market.

“At the same time, the variation in performance across publishers reinforces the importance of revenue diversification. As the economics of digital publishing continue to shift, the challenge will be converting audience engagement into sustainable revenues across a broader mix of products and channels.”

Richard Reeves, Managing Director, AOP, commented: “So far, 2026’s DPRI reports have highlighted the fluid nature of publisher strategies as we proactively respond to the dramatic changes in the industry. As the dynamic around working with AI businesses evolves, it is likely many are pausing to consider the best next steps to secure a stronger position for themselves in 2027. Outside of the DPRI results, we’re also seeing publishers take creative approaches to audience engagement, for example, growing and combining audio and video strategies.

“We’re seeing plenty of innovation from publishers, and it is reassuring to see that, despite declines, digital revenues are largely holding steady over a rolling 12-month period. The continued commitment by publishers to weathering the current storm is inspiring and we hope to see this continue through the rest of 2026 and into next year.”