Financial Times app brings in £1m

The Financial Times's new iPad app has generated more than £1m in advertising revenue since it was launched in May, according to the paper's deputy chief executive. Ben Hughes, who is also the paper's global commercial director, said more than 400,000 people have downloaded the app. He added that it now accounts for 10% of the paper's new digital subscriptions. "My job is to make the FT brand sweat," he told the MediaGuardian Changing Advertising Summit. "Print [advertising] isn't dead but media owners are just having to find new ways to put [different models] together." Hughes said traditional print advertising now accounts for just 40% of the FT's overall revenue. He said changes in the advertising market are not limited to opportunities created by new technology. The FT is also exploiting areas such as events, he pointed out. • To contact the MediaGuardian news desk email [email protected] or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication".