The Guardian Media Group released its 2024/25 annual report, reporting revenues of £275.9 million, an increase of £18.1 million from the prior year. Digital income now makes up 72% of total revenue, with digital reader revenue rising 21.7% to £107.3 million. The Guardian added roughly 150,000 recurring supporters, bringing its total to 1.3 million worldwide, while U.S. revenue climbed more than 22% to £55.5 million.

The company also tightened costs, reducing its operating cash outflow from £36.5 million to £24.3 million. Though still negative, the shift shows progress toward sustainability.

At the same time, The Guardian and The Observer updated their subscription card, voucher, and home-delivery terms, effective September 16, 2025. Key changes include:

• Voucher subscriptions: Stricter rules on replacement and resale, with new voucher books issued every 13 weeks.

• Subscription card holders: Ability to pause delivery for up to five weeks annually with notice.

• Home delivery: Clearer service guarantees, including credits if papers are not delivered by 9:00 am.

• Automatic renewals: Standard across all packages unless cancelled.

Ownership Note on The Observer

The updated terms also clarify that The Observer — historically paired with The Guardian — has been owned by Tortoise Media Ltd. since April 2025. Tortoise is a UK publisher known for its “slow news” model. The Guardian emphasized that The Observer retains full editorial independence.

For subscribers, the change matters less for content than for clarity: the terms define which company is responsible for subscription service and delivery, while reassuring readers that the brand’s editorial mission remains intact.

INSIDER TAKE

The Guardian is tightening its subscription story on two fronts:

1. Financially, recurring reader revenue is driving growth and narrowing cash burn, making the business less reliant on advertising.

2. Operationally, updated terms ensure the mechanics of vouchers, cards, and delivery are clear, enforceable, and aligned with modern compliance standards.

The explicit note on The Observer’s ownership shows how even legacy brands must carefully communicate structural changes to subscribers, especially when editorial independence is at stake.

For subscription executives, the lesson is clear: growth in reader revenue goes hand-in-hand with strong subscription operations and transparent terms. Financial strategy and subscriber experience are inseparable.