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In 2008 I was employed as a full-time copy editor for a thriving monthly magazine published for nearly 40 years. As a premier personal finance publication and a family-owned business that boasts a circulation of over 500,000 copies, employee appreciation remained at the top of the company’s list of priorities. We enjoyed a plethora of perks, such as monthly staff luncheons to celebrate employees’ birthdays, and after-hours car service during closing week. But as the recession began to take its toll on the publishing industry, such benefits slowly but surely came to an end.As e-mail circulated within the office about the latest print publication to go under, each month the magazine’s pages dwindled, until finally it looked more like a pamphlet. Eventually the staff meeting that we had all feared came around. It was announced that for the first time in the company’s history 10% of the staff would be laid off and everyone’s annual salary would be cut. Luckily my job was spared, and although I am no longer employed by the company, I am happy to say it is still standing, unlike so many others that have since fallen by the wayside.
In an age where people literally experience withdrawal symptoms if separated from their cell phones for extended periods (“extended” sometimes meaning a few hours) print media has taken a back seat to digital publications. In fact, some people even skip surfing the web and now opt for social media sites like Facebook and Twitter as their primary means of getting up-to-the-minute news.
The cost of starting a magazine is shockingly high, in the millions in fact. On the other hand, an online publication can cost very little, if not nothing at all. Using free sites like Blogger, anyone can create their own online publication. As a result in the last few years, print magazines have had to increase, or in some cases completely revamp their online presence. Shifting the focus from print to digital has been a challenge for many publications, and brings a whole new slew of difficulties.
Some publications make the entire magazine available online. Others opt only to post some content from the current issue, or original articles and blogs that only appear on the website. In any case, the content is usually free. However Scott Daly, of Dentsu America, a branding and advertising agency, told Mediaweek that he sees “absolutely no value whatsoever” in digital magazines. The main reason for this apprehension is that the internet is still considered unclear with regards to advertising. Even though you cannot watch a 30 second YouTube clip without being forced to see two minutes of commercials, for many internet surfers this does not necessarily translate into taking any action.
Publications like NYTimes.com offer digital subscriptions that range in price, depending on the reader’s level of access. For example, readers can currently get unlimited access to NYTimes.com from any device for just 99¢ for the first four weeks. After the introductory period, the rate is $8.75 per week.
Less than a dollar for a month’s worth of online content may seem outlandishly inexpensive; however, this is part of a larger trend of discount magazine subscriptions. A few years ago some companies thought the best way to counter shrinking sales and declining advertising was to raise subscription and cover prices. For example, in 2009 Vanity Fair raised its cover price from $4.50 to $4.95. However, with a magazine subscription you can now get 12 issues of Vanity Fair for $19.99 or 24 issues for just $29.99.
Less than a dollar for a month’s worth of online content may seem outlandishly inexpensive; however, this is part of a larger trend of discount magazines. A few years ago some companies thought the best way to counter shrinking sales and declining advertising was to raise subscription and cover prices. For example, in 2009 Vanity Fair raised its cover price from $4.50 to $4.95. However, with a magazine subscription you can now get 12 issues of Vanity Fair for $19.99 or 24 issues for just $29.99.
From a business standpoint, the publishing industry has taken a beating on account of the recession, but for customers the upsurge in discount magazines is an undeniable advantage! Finding a cheap magazine subscription is now simple, using websites like AcclaimSubscriptions.com, which specializes in discount magazine subscriptions and offers readers reductions on over 1600 titles.
Magazine lovers can find everything they want. There’s youth-oriented Thrasher magazine, which includes game reviews, advice columns, fashion tips, and industry gossip from the skateboard and music world. There is the award-winning Smithsonian magazine, which is published by the Smithsonian museum, and focuses on science and nature. By investing in an annual subscription, you can get a whole year’s worth of magazines for the cost of what you would pay at the stand for just two or three.
Another benefit of getting a magazine subscription is that, in addition to saving on costs, you can enjoy the convenience of having your magazine delivered right to your home. You can avoid the hustle and bustle of having to buy your favorite magazines at the grocery store or bookstore.
The rise of digital media has certainly hurt the publishing industry. You may be hard pressed to find a strap-hanger with a print magazine or book. Instead a lot of people now prefer e-book readers like the Kindle and the iPad. But believe it or not, the total number of new magazines launched in the first half of 2011 increased by 53% compared to the first half of 2010, that’s 138 versus 90. While there have been increases in launches in a range of categories, the most new launches have been in food and regional interest. Some new titles include Gilt Taste and Luckykids. New magazines to hit the stands carry extremely diverse content and focus on niche groups and specializations.
On a further positive note, magazine closures seem to be on the decline this year. According to MediaFinder.com, a total of 525 magazines folded in 2008, as did 428 in 2009. That number has continued to decline. A total of 176 magazines had closed by the end of 2010. The number of magazines that ceased publication fell by 15%, from 87 in the first half of 2010 to 74 in the first half of 2011.
So even though the monthly luncheons may have ended at your workplace years ago, it appears that print magazines are still a viable line of business. In order to stay afloat publications need to incorporate digital media, like online subscriptions, and keep readers engaged with original, creative content.
