Hong Kong Economic Journal's price increase is a game-changer
Economic Journal plans to defy an agreement among Chinese-language papers to charge HK$6. Its competitors may soon follow suit
After freezing prices at HK$6 for more than a decade, the will become the first Chinese-language newspapers to break a long-established pricing agreement by charging HK$8 from Monday.
Chinese-language newspapers have long kept their cover prices the same to avoid a price war, but the introduction of a competition law in June has forced the abandonment of the agreement.
The price rise was announced yesterday, and the daily's management said the increase was needed to "maintain high quality content and service". It is the first price rise since 2000, when the 12 Chinese-language broadsheets increased their prices from HK$5 to HK$6.
More broadsheets are understood to be considering following suit, including , where bosses are mulling a HK$1 increase.
The Coalition of Hong Kong Newspaper and Magazine Merchants welcomed the rise, which could lead to bigger profits for its members, but academics questioned whether newspapers would undermine their prospects amid competition from free tabloids and online news.
The 's editor-in-chief, Chan King-cheung, said of the rise: "We are confident that our quality content will be able to retain our readers. It is necessary to bring up the sale price, as there are increased printing costs and wages."
The focuses on economic news and related issues, with its columnists highly regarded by readers. Observers believe its unique focus will mean sales are unlikely to take a hit.
