Newspaper Nine
(Image: Unsplash/Bank Phrom)

The Nine owners of the formerly Fairfax metropolitan newspapers came close to declaring victory over media disruption when announcing their half yearly results last week. But a look at the details and the papers themselves tells us it’s a victory based on doubling down on its traditional audience -- now overwhelmingly aging retirees with money to spend.

This group drove the profit result through a mix of subscriber revenues (particularly of the print product) and niche advertising targeted directly at them.