Fairfax Media has warned of further revenue falls and promised deeper cost savings as it revealed it will launch metered paywalls on its major metropolitan news websites within a month. Fairfax will introduce the paywalls for its Sydney Morning Herald and The Age websites on July 2. The company also said its weekend broadsheet newspapers will shift to compact editions in early 2014. Fairfax chief executive Greg Hywood told an investor briefing the company had suffered falls in half-year revenues of nine to 10 per cent up to the third week of May. Mr Hywood said trading conditions remained "pretty tough", with revenues for its core metropolitan media division and its regional division down 11 per cent.