“The games division has been a strong performing part of our business,” he told MCV. “We have maintained market share and we are beating market trends.
“Of course, we have always known that this would be a transition year. And it’s always difficult to predict exactly how business will go during a transition period. So our performance has been slightly lower than expected.”
Price did point out, however, that no magazine closures or job cuts within the games division are planned.
At the same time, new launches to coincide with the arrival of the new console formats are still planned for Q3 and Q4 this year.
Price also revealed that Future will place even more emphasis on online. “We have a strong portfolio of titles and we are happy with our online position right now,” he added.
“But we will be making a large-scale investment in New Media. Consumer behaviour has changed and is continuing to change: they want to consume information via their mobiles, PSPs, PDAs, magazines, PCs and so on. And it’s up to us to deliver the best content via those channels.”
Meanwhile, after the decision by Greg Ingham to quit as CEO, Future has announced a replacement – Stevie Spring.
She was most recently chief executive of Clear Channel, the UK’s largest outdoor media company. Prior to this, she spend 16 years in national and international advertising company management at agencies, including Young & Rubicam and Grey.
“I am very excited at the opportunity to join Future’s Board,” she offered. “Despite its recent trading difficulties, Future has strong market positions in a number of consumer sectors and some excellent media properties, both in print and online.”