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However, the January price cuts came too late to arrest a 2004 decline of 2.2 per cent in a sector that continues to face stiff competition from the internet, customer titles and electronic programme guides.

What's on TV continued to dominate the sector despite recording small period-on-period and year-on-year decreases, while Bauer's TV Choice recorded a 2 per cent increase in its figures compared with the last period.

In January, IPC announced a 10p price cut for What's on TV, with Bauer quickly following suit.

Critics of the price-cutting policy have argued that it is in danger of devaluing the sector as a whole. There is also concern that it could end up being a short-term solution. The critics argue that the price war will lead to one of the titles being delisted by retailers as the profit margins become too small, or that the publishers will be forced to put their prices back up.

Philippa Brown, the managing director of IPC tx, defends the policy: "The UK's biggest-selling and best-value TV listings title has become even better value. What's on TV continues to be a publishing phenomenon."

The second-biggest player in the market, BBC Magazines' Radio Times, remained stagnant in its period-on-period figures. However, it suffered a year-on-year decline, which has sparked the implementation of significant editorial and design changes. These included a bolder logo, extra feature pages and a "week-at-a-glance" programme guide.

Marcus Arthur, the publishing director of Radio Times, is pleased with the result: "While the budget end of the sector scrabbles for readers, Radio Times reigns supreme at the top of the sector, delivering the best TV listings guide in the country."

At first glance, the public's obsession with the TV soap operas appears to be waning, reflecting perhaps a decline in the strength of the storylines - there has been little to match the Richard Hillman "Killer Corrie" murders in Coronation Street - and a collapse in the audiences for the BBC's EastEnders.

Hachette Filipacchi's All About Soap appeared to haemorrhage readers, with figures down almost 36 per cent on last year, and IPC's Soaplife fared little better.

Despite this, Sarah Vickery, the business development director at Hachette Filipacchi, points out that all the soap magazines have increased their frequency and that the total market is now 1.1 million sales a month, compared with 750,000 a year ago. Vickery claims this, combined with a redesign of both Hachette's titles, has contributed to a 38 per cent increase in volume sales for All About Soap.

She says: "It's a rejuvenated sector. Although EastEnders is having a difficult time, there is still a unique passion for soap and the characters.

There will be a phase of consolidation following the changes in frequency, but then we'll be looking for the next phase of development."

Verdict Despite having a readership of nearly five million, the TV listings market appears to be one that could be under threat. The price war has done little to grow the sector and could reduce its value as a whole, while the soap titles are looking increasingly dependent on the craft of the soap storywriters.

TV LISTINGS

TITLE Publisher Total ABC Period-on- Year-on-

period year

% change % change

What's on TV IPC 1,587,578 -2.9 -4.1

Radio Times BBC Magazines 1,108,718 0.4 -4.2

TV Choice H Bauer 1,104,291 2.0 8.5

TV Times IPC 473,956 0.1 -9.6

TV Quick H Bauer 337,149 -4.9 -10.3

TV & Satellite Week IPC 211,150 -5.1 -5.7

Inside Soap Hachette

Filipacchi 182,351 0.1 -9.1

Total TV Guide H Bauer 96,388 -6.9 n/a

Soaplife IPC 80,042 -11.6 -25.7

All About Soap Hachette

Filipacchi 71,825 -18.6 -35.9

TV Now! Minjara 40,282 6.2 13.9