Investor relations teams keep asking whether the printed annual report is still worth the budget. This article compares shareholder preferences, real costs, legal duties and reading habits, then shows how a hybrid flipbook approach serves both camps without waste.
Every year the same debate returns to the investor relations office: do we print the annual report, or do we send everyone a link? The honest answer is "it depends on who is reading," and that is exactly why the question deserves data instead of habit. If you are weighing the budget, the paper, and the inbox, this article gives you a clear picture, and shows how tools like Flipbooks AI let you serve both camps without printing a single unnecessary copy.
Some shareholders do still want paper. Many do not. The split follows age, portfolio size, and how long someone has held the stock, far more than it follows geography or industry.
Here is the pattern most issuers report when they survey their register:
💡 Do not guess. A one-question opt-in survey on your next proxy mailing tells you more than any industry statistic, because it describes your own register.
Preference is not a single number. It changes with the task being done. A shareholder who prefers screens for checking the share price may still want paper for a slow, careful read of the chairman's letter.
Printed pages are easy to annotate, easy to spread across a desk, and free of notifications. Retail holders who treat the report as a yearly ritual often say it feels more trustworthy because it is a physical, finished document. For them, a missing printed copy can feel like a downgrade in service.
Digital readers want to jump to the cash flow statement in two taps. They also want to copy a table into a spreadsheet, zoom into a chart, and share a page with an adviser. Paper cannot do any of that.
In most registers a large group simply defaults to whatever arrives. That group is your opportunity: a good digital experience, offered by default, with paper available on request, satisfies most people and cuts waste.
Before choosing a format, compare what each one really delivers.
| Factor | Printed Report | Digital Flipbook |
|---|---|---|
| Reading experience | Tactile, easy to annotate | Searchable, zoomable, mobile friendly |
| Cost per reader | High (print, paper, postage) | Very low after production |
| Speed to reach readers | Days to weeks | Instant |
| Updates after release | Impossible | Possible any time |
| Measurable behavior | None | Page views, time on page, downloads |
| Accessibility | Large print needs a separate run | Zoom, text size, screen readers |
| Environmental footprint | Paper, ink, transport | Minimal |
The table shows a pattern: paper wins on feel, digital wins nearly everywhere else. That is why a blended approach keeps beating a pure approach.
Printing costs are rarely tracked as one line, so the true figure surprises many finance teams. Design proofs, paper stock, finishing, storage, mailing, returned copies, and the staff hours spent coordinating all add up.
| Cost Item | Printed Run of 5,000 | Digital Only |
|---|---|---|
| Print production | Largest single cost | None |
| Paper and finishing | Rises with page count | None |
| Postage and handling | Often matches print cost | None |
| Storage and waste | Unsold copies pulped | None |
| Hosting and tools | None | Small subscription |
| Update or correction | Reprint | Edit and republish |
Even a conservative estimate shows that postage and handling can rival the printing bill itself. And every copy that lands unread in a recycling bin is money gone.
⚠️ Beware of the "just in case" print run. Orders placed for 20 percent more copies than requested are the most common source of waste on the invoice.
Print is not wasted when it is targeted. A small, premium run for the board, top holders, lenders, and the annual meeting can reinforce credibility. The trick is to print for people who asked, not for everyone on the list.
Rules differ by market, so check your own jurisdiction and your counsel's advice. In general, many regulators now allow electronic delivery as the default, provided shareholders can still request a paper copy at no charge. Some markets require explicit consent before switching someone to digital only.
Three practical points apply almost everywhere:
More than half of first opens on corporate content now happen on a mobile device. A static PDF is hard to read on a small screen: pinch, scroll sideways, lose your place. A responsive flipbook reflows to the device, keeps page-turn motion familiar, and loads quickly.
If your current digital version lacks these, readers will conclude that digital is worse than paper, when the real problem is the format. A well built PDF to flipbook converter fixes most of this with no redesign.
Most mature issuers settle on a hybrid model: digital by default, paper on request, and a short premium print run for special audiences. It respects shareholder choice and keeps spending sensible.
| Audience | Best Format | Why |
|---|---|---|
| Board and senior management | Premium print plus flipbook | Formal record and quick reference |
| Institutional investors | Flipbook plus PDF | Searchable and shareable |
| Retail holders who requested paper | Standard print | Honors their stated preference |
| Everyone else | Flipbook link by email | Fast, cheap, trackable |
| Press and media | Press kit flipbook | Easy quotes and images |
A digital version should not feel like an afterthought. Here is a practical workflow using the Annual Report Creator, which works from the PDF you already have.
✅ Best practice: put a "Request a printed copy" link on the first page of the flipbook. It protects your service promise to paper readers and gives you a clean data point on real demand.
If your report includes a wider corporate package, the Corporate Report Maker and the Report Flipbook Creator follow the same process.
Investors increasingly read the sustainability section first, and then check whether the company behaves accordingly. Printing thousands of reports that nobody asked for sits awkwardly beside a page about reducing waste.
You do not need to abandon paper to make the point. Use certified paper, print only what was requested, and report the numbers: copies printed, copies avoided, and the estimated paper saved. Readers respect specifics.
| Metric | Track It Yearly |
|---|---|
| Printed copies ordered | Compare with prior year |
| Paper requests received | Shows real demand |
| Digital opens | Shows reach |
| Average pages read | Shows content value |
| Unused copies | Should trend toward zero |
Teams switching formats tend to repeat the same errors.
Use this short list before your next reporting cycle.
💡 Share the results with the board. Showing that 70 percent of holders opened the flipbook while only 8 percent requested paper makes the budget conversation easy.
The question is no longer "paper or digital," it is "which shareholders need which format." Answer that, and you will spend less while keeping everyone informed.
Ready to publish a report people actually open? Get started for free on Flipbooks AI, browse all flipbook tools to find the right template, or compare pricing plans to choose what suits your team. If you also publish a nonprofit or community report, the Non-Profit Annual Report tool is built for that case.
