The regional and local newspaper industry in the UK is very large, with over 1,300 newspapers read by over 40 million adults weekly. Regional papers have diversified and now own hundreds of magazines, websites, radio stations, and television stations. Readership of regional papers is over 84% across all demographics and regions in the UK. The regional press brings in over £3 billion in annual revenue and accounts for nearly 19% of all advertising spending in the UK, making it an important industry.