Subscribe via RSS Feed Connect on Google Plus Connect on Flickr

Writing on the wall: Newsweek, Forbes, New York

Monday, 2 December, 2013

The Gladwellian tipping point for the US magazine industry arrived in 2010, when Newsweek was sold for $1. A doomed merger with The Daily Beast followed, and then came the finale last year when Newsweek ceased print publication. More grim news arrived last month when the publisher of Forbes magazine hired Deutsche Bank AG to examine a sale. “While the company prospered during the dot-com boom, the subsequent bust in 2000 and migration of advertising from print to online sites slammed its finances,” reported Bloomberg.

NY Mag And now New York magazine is following suit. Starting in March, it will abandon its weekly publication schedule and appear 26 times a year instead. Why? Because print advertising revenue is sinking like a stone. “So far this year, the magazine is down 9.2 percent in ad pages compared with the same period last year, which was miserable as well,” writes David Carr in today’s New York Times. And this is happening at a time when its digital revenues have been growing at 15 percent year-over-year. Indeed, in 2014, its digital ad take will outdo print ad revenues.

Carr says that by going bi-monthly as a print magazine, New York will save some $3.5 million, which will then be invested on the digital side and 15 people will be hired to strengthen online content and sales. As regards the non-digital side of things, the publishers hope it will become “a more visual, more deliberative version of the print magazine will make it more hospitable to luxury and fashion.” In other words, a Stateside clone of Intelligent Life.

It may be possible for New York, Forbes and other magazines to reinvent themselves in this time of publishing tumult, but it would be unwise to bet on their success. Their lingering, notes David Carr, grimly, “underscores the dreary economics of print and its diminishing role in a future that’s already here.” That future has a name. And it’s called Buzzfeed.


Comments are closed.