Tag Archives: Magazine industry
by Chris Roush
The special projects editor develops some of the most important editorial products at MIT Technology Review.
In particular, these are the Innovators Under 35 list; the 50 Smartest Companies list; and stories and data for our growing membership service, Insider. In consultation with the other editors, the special projects editor compiles the companies and innovators lists and helps commission stories for those two annual packages. (This accounts for 25 percent of the position’s time.)
The special projects editor also works with the Business Reports editor to put together compelling data packages for the reports she produces (25 percent of the position’s time). The other half of the position’s time is devoted to finding, curating, and helping to produce stories for Insiders only.
This includes but is not limited to From the Labs, a collection of important research breakthroughs happening around the world.
To apply, go here and enter job #10876
by Chris Roush
When business magazine and website Forbes Media LLC is sold, likely to Fosun International Ltd., the Chinese conglomerate with the front-runner position in the company’s auction, sources said, it will be for a much lower price than private equity minority stakeholder Elevation Partners LP was hoping to receive, reports Jonathan Marino of The Deal.
Marino wrties, “Two sources said it is likely Fosun will acquire Forbes, and that it will pay less than $250 million for the magazine. The founding Forbes family is also expected to retain a stake in the business, a source familiar with the situation said. The deal has not been fully hashed out yet, but sources said an agreement should be reached shortly.
“Estimates for the company’s auction — which Deutsche Bank AG was hired last fall to run — have differed wildly at times. A Wall Street Journal report earlier this year noted hopeful sell-side expectations of a sale in the $400 million to $500 million range.
“Though Elevation has already written down the $264 million it invested in 2006 to $120 million, according to a Fortune report, its possible that the private equity firm could still secure a slight internal rate of return bump, and not a loss. Elevation has preferred stock, meaning it will receive virtually all of the sale proceeds, provided it is at or less than $250 million.
“‘Given the financial performance, I’m not surprised the bids came in below expectations,’ said one private equity source, which declined to be identified.”
by Chris Roush
Bloomberg Pursuits magazine is trying to make a push for a broader audience, writes Alexandra Steigrad of Women’s Wear Daily.
Steigrad writes, “According to Pursuits editor Ted Moncreiff, the title is trying to extend its reach into the women’s fashion market, despite the fact that 60 percent of the magazine’s readers are men. ‘There’s a lot in here for both sexes,’ Moncreiff said of the spring issue, pointing to the fashion spread shot in the United Nations, following the final stages of the building’s $2.1 billion renovation.
“The issue, which will be released by March 15, features a stronger fashion angle, albeit a ‘Bloomberg-ized’ one that centers on workwear.
“Although it isn’t the first recent fashion shoot at the UN — Vogue shot National Security Advisor Susan Rice in its September issue — Moncreiff noted that what’s interesting is that Pursuits was able to gain access to key locations, such as the Security Council Chamber, post-facelift. ‘Nothing was off-limits,’ said the editor, who admitted that convincing the UN to allow Pursuits in to shoot took four ‘long’ months of negotiation.
“Shot by Ralph Mecke on Jan. 9 and 10, the spread depicts scenes from inside the halls of the UN, as well as in front of UN Plaza, and it accompanies a feature on the renovation penned by Justin Davidson.”
Read more here.
by Chris Roush
A business magazine aimed at the Jewish community has launched.
The magazine, called Business Network, is already in stores and newsstands in Brooklyn and will be sold in approximately 250 locations around the country such as Baltimore, Cleveland, Chicago, Miami and Los Angeles, and in London, Toronto and Montreal.
The inaugural issue’s cover story features an interview with real estate mogul David Lichtenstein of The Lightstone Group, who discusses his journey from kollel to his current prominence in the business world and shares advice.
“Connecting members of the globe’s Jewish communities with useful parnassah resources – and each other – has been the primary goal of the Parnassah Network organization from Day One, and this is yet another successful step in this mission,” says the organization’s founder Duvy Honig in a statement. “Parnassah Network has, baruch Hashem, created various vehicles to help people fulfill their parnassah dreams, and it’s great to now get to remain in touch with everyone throughout the year.”
In an email, Honig said he hoped to make the publication a monthly within the next 12 months. However, it is not accepting subscriptions right now.
Read more here.
by Chris Roush
Columbus CEO announces the appointment of Mary Yost as editor, effective immediately, to lead the monthly business magazine and daily website.
Yost’s career spans several decades of executive leadership, both locally and statewide. Most recently, Mary served in a volunteer capacity as public affairs director, Ohio, for Employer Support of the Guard and Reserve.
For over twenty years, she directed communications, media and public relations as vice president, public affairs for The Ohio Hospital Association, statewide, as well as overseeing operations of the Foundation for Healthy Communities. She returns to the Dispatch Printing Co. where she started her career as a reporter in 1973.
“Columbus CEO is so fortunate to have Mary bring her many talents back to the Dispatch Printing Company,” said Katie Wolfe Lloyd, vice-president and Publisher of Dispatch Magazines, in a statement. “She has been a leader not only in our community but across the state of Ohio. We look forward to her engagement and direction for the magazine’s continued growth of in-depth business reporting in the market.”
“Having the opportunity to return to journalism and the Dispatch family is a wonderful homecoming for me,” said Yost in a statement. “My goal is to take Columbus CEO to a new level as a must-read publication for area business and community leaders.”
Read more here.
by Chris Roush
Business magazines brought in fewer ad dollars in 2013 compared to the previous year, underperforming in an industry saw a slight increase in advertising revenue.
The 14 business magazines reported ad revenue of $1.33 billion in 2013, down 4.8 percent from 2012, according to data from the Publishers Information Bureau analyzed by Talking Biz news. In comparison, the consumer magazine industry reported a 1.1 percent increase in 2013.
In terms of ad pages, the business magazines reported a 9.0 percent decline to 13288.80 pages in 2013, while the overall magazine industry reported a 9.0 percent decline.
The business magazine comparison includes the 2012 data from Smart Money, a Dow Jones & Co. personal finance magazine that stopped print publication that year. Excluding the Smart Money numbers in the comparison, business magazines still underperformed the industry, with a 3.1 percent drop in ad revenue and a 5.8 percent drop in ad pages in 2013.
The best-performing title among the business magazines was Bloomberg Markets, which reported a 14.7 percent increase in ad revenue to $38.3 million, and an 11.1 percent increase in ad pages to 774.26
Another strong performer was Barron’s, which reported a 9.9 percent increase in ad revenue to $67.4 million and a 6.4 percent increase in ad pages to 1,269.4.
The worst-performing was Black Enterprise, which reported a 38.6 percent decline in ad revenue to $15.8 million in 2013 and a 38.2 percent drop in ad pages to 338.38.
Among the big three business magazines, Fortune performed the best. It posted a 2.4 percent rise in ad revenue to $213.5 million and a 3.8 percent decline in ad pages to 1,408.77.
Forbes remained the top business magazine in terms of ad revenue and ad pages, but it saw declines in both. Its print ad revenue fell 5.3 percent to $260.4 million, while its print ad pages fell 10.4 percent to 1,644.24.
Bloomberg Businessweek reported a 9.5 percent drop in print ad revenue to $200.7 million and a 12.4 percent decline in ad pages to 1,306.26.
See all of the data here.
by Chris Roush
Canadian Business magazine is merging with PROFIT and the combined publication will put out a reduced number of issues, Rogers Communications Inc. announced Monday.
Christine Dobby of the Financial Post writes, “The Toronto-based telecom giant’s publishing division owns both of the titles and said in a statement the new magazine, which will operate under the Canadian Business brand, will publish monthly, starting Jan. 16.
“It will also put out two PROFIT-themed ‘bonus’ issues, according to the press release.
“Previously, Canadian Business published closer to two issues per month, while the entrepreneurial-themed PROFIT came out six times a year. Rogers says the combined magazine will have a projected readership of more than one million.
“‘We felt that we had two very strong brands that were serving complementary audiences,’ Ian Portsmouth, publisher of the new Canadian Business and former publisher and editor of PROFIT, said in an interview. ‘Our feeling was that if you’re not changing in this marketplace you’re falling behind.’
“He noted that the two magazines will continue to exist online as brands of their own.”
Read more here.
by Liz Hester
While it may not be well known outside the five boroughs of New York City, the magazine of the same name is something of a must-read for certain in-the-know city dwellers. A mix of culture, fashion, design, products and news, the magazine often wins awards and sparks conversations. The announcement the weekly was moving to a bi-monthly prompted many to shake their heads at the state of print media.
David Carr of the New York Times wrote this in his column about the move:
Since its founding in 1968, New York magazine has served as a prototype of literate, high-tempo publishing, using its weekly cadence and location in one of the world’s cultural capitals to usher in a new, more intimate and frank approach to what a publication could be.
Using the tenets of so-called New Journalism, the magazine helped popularize the knowing, skeptical voices of writers including Tom Wolfe, Jimmy Breslin, Gloria Steinem and Nora Ephron. It was the birthplace of both Ms. Magazine and the concept of “radical chic.”
Now, this magazine that has been at the vanguard of Manhattan publishing for almost five decades is acknowledging that the cutting edge is not necessarily a lucrative, or sustainable proposition, at least on the same schedule.
Beginning in March, New York will retreat from its long-standing status as a weekly and come out every other week instead.
Along with the closing of the printed Newsweek and the planned spin-off of Time Inc., which includes the weeklies Time and People, the move to bi-weekly publishing represents the end of an era and underscores the dreary economics of print and its diminishing role in a future that’s already here.
The change will beget misty eyes from magazine geeks — myself among them — while other consumers will shrug and dive into the ever-changing web version of New York magazine that shows up in their browser.
The weekly schedule of New York has already been squeezed, so that the magazine comes out only 42 weeks a year. Soon it will be 26 times a year, with three additional special issues — best doctors, the annual gift guide and a food-and-drink issue.
Fashion Times did a blurb about the new publication, choosing to focus on the redesign instead of the cuts:
The Cut, which is New York Magazine‘s popular online fashion website, will be rendered into the print version beginning in March.
While it’s too soon to say exactly what will be included in the new version, it has been confirmed that the section will include a “Life in Pictures” feature, which will tell stories through photography. To that end, the magazine will focus more heavily on content that takes advantage of print. The Cut section of the magazine will be similar to the rest of the already-established sections, but with a focus on fashion. Previously, every third issue of New York Magazine would have four pages dedicated to fashion. But now, fashion will get six pages in each issue.
Each issue of the revamped version of New York Magazine will include four big sections instead of the current three, as well as four big stories instead of three. Columnists will report on sex, business and potentially technology.
Carr of the NYT writes that it isn’t readers the magazine is losing, but cuts are due to drops in ads and prices:
Journalistically, New York magazine has prospered, winning a string of big awards on the way to being named Magazine of the Year in 2013 by the American Society of Magazine Editors. But that doesn’t pay the bills, a job that increasingly falls to the website, which includes NYmag.com, Vulture.com, The Cut and Grub Street. Digital revenues have been growing at a rate of 15 percent year-over-year, and in the coming year will surpass print advertising revenues, according to Mr. Burstein. But part of the reason those lines are crossing is that the print revenues are plummeting.
New York, with a current subscriber base just above 400,000, according to the Alliance for Audited Media, got clobbered after the 2008 recession when classified ads went missing and stayed that way. 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.
The brand New York is hardly dying. New York magazine’s web traffic grew 19 percent in the last eight months, to more than nine million unique visitors a month, according to comScore. But to keep up that rate of growth in a competitive set that includes publicly held companies like The New York Times and upstarts like the venture-capital backed online news site BuzzFeed, the magazine had to reduce costs to find the money to fund the part of the business that is growing.
The New York Post compared the cuts to what happened at the now-closed Newsweek:
The move to slash frequency is the latest sign that newsweeklies are a troubled commodity.
The demise of Newsweek’s print edition at the end of 2012 is the most glaring example. The magazine was still losing $20 million a year despite a merger with the Daily Beast news site at Barry Diller’s IAC Interactive Corp.
The Newsweek name was sold to IBT Media, owner of International Business Times, and most of the former staff was laid off. IBT Media continues to publish the title as a digital-only format although print editions are still produced by overseas licensees.
It’s always sad to see a magazine reduce its publication, but the bright side is that New York has figured out how to market, package and make money on the web. And that’s what many others in the industry are struggling to do, indicating the company will still be turning out pithy coverage for some time to come.
by Chris Roush
The largest issue of Businessweek since 1999 is on newsstands on Friday.
It’s also the largest issue since Bloomberg purchased the magazine in 2009. At 212 pages, with more than 111 pages of ads, Bloomberg Businessweek’s “The Year Ahead: 2014” is a special, perfect-bound issue that is part of Bloomberg L.P.’s new global media franchise “The Year Ahead.”
Forty-five percent of the advertisers in the Nov. 18 issue are also new to the magazine.
The issue examines the major trends, disruptions, breakthrough products, innovations, and revolutions of the coming year. There’s analysis from Bloomberg writers as well as interviews with key CEOs on their predictions for what’s coming in finance, energy, technology, retail, defense & transportation, and health care.
There are stories from around the world and charts illustrating personalized pricing, banks and their troubles, the quest for same-day delivery, and more.
In addition, there’s a ranking of the world’s 600 biggest companies by market share within their 55 industries, and to impress friends, a tear-out card of information on how six industries are facing the year ahead.
by Chris Roush
Linda Baker, the editor of Oregon Business, writes about how the magazine is expanding its online presence.
Baker writes, “I’m excited to announce a new OregonBusiness.com blogger network, featuring original reporting and analysis by journalists and subject experts.
“So far, we have signed five new bloggers (who join longtime contributor Tom Cox), with plans to grow the roster in the coming months. We think you will find their insights to be enlightening, provocative — and a must read.
“Other OB digital and mobile initiatives are underway.
“We know our magazine readers are looking for in-depth analysis and perspective; we also know readers are on their laptops, tablets and other mobile devices throughout the week — often looking for quick sharp takes on the news. To make our mobile platform more user friendly, our in-house tech guru, web production manager Bjorn Vandervoo, has made some improvements to the Oregon Business mobile platform.
“The pages now load faster, the presentation is more streamlined and easier to read, and the homepage news feed is updated throughout the day, pulling in stories from across the website.”
Read more here.