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City AM claims more City readers than the FT

LONDON – Research commissioned by City AM, the freesheet financial paper, shows that more City workers read the recently launched free newspaper than the Financial Times.

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*The research showed that 16% of respondents read City AM and 12% read the FT, in response to the question, 'which newspapers have you read today'.

It put City AM's total readership at 98,000, whereas its print run at the time of the survey was between 60,000 and 65,000 copies. *The run has now been increased to 85,000 copies thanks to distribution agreements covering London airport business lounges including Heathrow and Gatwick and corporate offices including Merrill Lynch and Goldman Sachs.

In addition, it showed that 60% of City AM readers claim not to read The Times, Daily Telegraph or the FT. *The average length of time spent reading City AM is 10 minutes.

Jeremy Phillips, sales and marketing director at City AM, said: "City AM is now an established read for City workers and we are confident that our reach will continue to grow as we establish more targeted distribution initiatives."

The research was conducted by NOP in October and November with more than 500 face-to-face interviews.

The National Readership Survey puts the FT's average issue readership between July 2004 and July 2005 at 444,000.

*Jens Torpe, City AM's chief executive, said that City AM joining the NRS was "not on the cards at the moment" as it would be hard to track its readers through the survey.

*Torpe emphasised that the paper has no plans to launch an evening edition despite registering the trademark City PM. He said the move was made to prevent rivals from taking the name.

*He rebuffed criticism that City AM's distribution means people have no time to read the paper by pointing to a figure from the research which showed that only 13% of respondents claimed they did not read it because they did not have the time.

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