The Business of Magazines #4

Discussion in 'Magazines' started by Thread Manager, Sep 14, 2017.

  1. MON

    MON Well-Known Member

    Joined:
    Jun 20, 2009
    Messages:
    11,212
    Likes Received:
    2,441
    I guess we'll see another pretentious male editor.

    Based on his Esquire Singapore track record, I am not excited for this launch.


    Conde Nast needs to stop appointing male editors. With the exception of Edward, it doesn't work.

    I want women to lead Vogue. I want someone who can understand what it's like to be a woman leading a woman's magazine. Call me outdated. This is exactly why I feel like there's a disconnect between the magazine and the reader.
     
    Benn98 and Bertrando3 like this.
  2. ivano

    ivano Well-Known Member

    Joined:
    May 30, 2016
    Messages:
    3,205
    Likes Received:
    812
    CD should hire a woman for GQ, that would be fair. Kate Lanphear did an amazing job with Maxim, very underrated.
     
  3. Benn98

    Benn98 Well-Known Member

    Joined:
    Aug 6, 2014
    Messages:
    31,614
    Likes Received:
    9,275
    I suppose the SJWs can't openly outrage over all these male appointments because if they were to say that men shouldn't be editing Vogue they'd be opening the women breaking boundaries in other male-dominated fields to criticism as well.

    So I agree with you, it would be just to start installing women in men's magazines. I nominate Maria Molina for Esquire Spain!
     
    ivano likes this.
  4. 8eight

    8eight Well-Known Member

    Joined:
    Oct 27, 2008
    Messages:
    1,293
    Likes Received:
    189
    I wonder if all of the september issues of vogue will produce the same content.

    I guess someone like eg, Kate Moss lives with a photographer so getting content will be possible. and covers can be illustrated or cgi rendered.

    But will the issues have adverts? Will people be able to buy them? Can you get the clothes shipped by the PRs?
     
  5. caioherrero

    caioherrero Well-Known Member

    Joined:
    Sep 2, 2017
    Messages:
    1,280
    Likes Received:
    361
    That’s the problem, the ad’s are shooting after fashion week, so I don’t know how they are doing. And the clothes are not being produced. Sooo...
    I think it’s be the most thin September issue in the history
     
  6. Srdjan

    Srdjan Well-Known Member

    Joined:
    Jan 11, 2012
    Messages:
    4,513
    Likes Received:
    732
    Italian Elle announced that their new issue is two days late, and that it will be on newsstands for two weeks (instead of one).
     
    magsaddict likes this.
  7. Benn98

    Benn98 Well-Known Member

    Joined:
    Aug 6, 2014
    Messages:
    31,614
    Likes Received:
    9,275
    How Will the Coronavirus Impact Already Fragile Glossy Magazine Print Ads?

    With May editions wrapped up before the crisis exploded, the full extent of the toll it will take on advertising will likely not be seen until the crucial September issues.

    By Kathryn Hopkins on April 10, 2020

    As it prepares to launch its May issue with cover face Gal Gadot, Vogue took to its Instagram account to tell its 26 million-plus followers that it was “reported and written before COVID-19 began to take hold in the U.S.” “It went to press as profound changes to daily life were being seen across the country,” the magazine explained.

    Vogue is just one of many monthly fashion and lifestyle magazines that won’t have much COVID-19 content apart from it being mentioned in the editor in chief’s note and maybe a couple more references, if anything at all, with most wrapping up their newest issues before large parts of the U.S. were forced to ground to a halt.

    But it’s not just the content that won’t reflect what’s happening in the outside world. While down significantly from the long-gone heyday of magazine publishing, there will still no doubt be a decent amount of advertisements from luxury brands in these titles at a time when many have closed their stores, are making face masks instead of clothes and handbags, and have slashed their marketing budgets due to the global plunge in their revenues over the first few months of the year.

    That’s because, unlike newspapers, the impact of the coronavirus crisis on advertising won’t immediately be seen in glossy magazines since they have a lead time of around two to three months. As a result, many of these ads would have been sold before there were any confirmed cases of coronavirus in the U.S.

    Instead, advertising experts expect the first signs to start to appear in the June issues and by September, the most important month of the year for magazines, the decline will be clearly visible, especially for those that depend on luxury brand advertising. Independent magazines will likely feel the pain more quickly.

    “The luxury category is seriously negatively impacted in the short term so there’s probably certain specific titles that are going to be hurt harder than others at least, as it relates to future commitments or near term commitments of spending,” said Brian Wieser, global president of business intelligence at WPP’s GroupM. “Certainly the evidence from China so far suggests that luxury is hard hit.”

    Just over a month ago, before most of the U.S. was working from home, MediaVillage analyst Jack Myers was predicting consumer print magazine advertising revenue would drop around 2.8 percent in 2020 due to COVID-19. Now he is forecasting a fall of more than 16 percent for the industry as a whole and for some publishers to underperform their 2020 budget expectations or revenue expectations by as much as 50 percent.

    “We’ll see magazines stop publishing, become thinner, become special issue-orientated with a high subscriber price or a high single-issue price,” he predicted. “The weak will get weaker. Those that have the resources to survive will shrink and I think we’ll see an acceleration of trends that were already in place.”

    Michael Moszynski, founder and chief executive officer of London Advertising Agency, believes that in the short term, the slump will be “a lot harder” than the 2008 financial crisis because day-to-day expenditure has dried up.

    “That revenue isn’t going to come back later in the year,” he said. “Where clients have retained any ad spend they’ve retained it in the digital sector because they see that as easier to turn on or turn off. It’s quicker. You’re not into two-month lead times, all of those things. So that’s further exacerbating an issue that already existed.”

    Part of the issue is that many U.S. magazines were already in a fragile position before the coronavirus crisis in terms of print advertising, which still accounts for the bulk of revenue despite the rise of digital and video.

    According to the Association of Magazine Media, magazines lost at least $417.5 million in advertising revenue in 2017. It did not respond to a request for 2018 data, the most recent available, or for comment on how the industry is faring. But in the U.K., there are signs of what could come in the U.S. In a recent letter to Oliver Dowden, the British secretary of state for digital, culture, media and sport, The Professional Publishers’ Association, which represents Condé Nast U.K., Hearst U.K., Time Out Group and Net-a-porter Group, warned that publishers reported that advertising revenues were down between 20 percent and 95 percent for the coming quarter.

    Back in the U.S., already troubled W magazine is struggling even more, with owner Marc Lotenberg telling The New York Times last month that “the bottom has dropped out of the luxury market.” As a result, some print staff, who were already working from home, have been furloughed, and the online team is on reduced salaries.

    And in an e-mail to staffers Wednesday, Jim Bankoff, the ceo of Vox Media, which owns New York Magazine and The Cut, as well as Eater, Vox and Recode, among others, delivered a gloomy outlook on advertising. “I’ll state the obvious that the advertising market is experiencing a downturn unlike ever before,” he said.

    “While at this point I can’t put an exact number on our own decline, I know that — just like nearly all other companies and publishers — we have already seen a significant impact in March and our business will continue to be deeply affected this quarter, next quarter and likely for the remainder of 2020,” he added.

    Like many other media companies, Vox’s advertising issues come despite record engagement. In the same memo, he highlighted that the week of March 23 was the greatest week for new subscriptions since New York Magazine launched its digital subscription product in 2018, although he did not mention print.

    It’s understood that Hearst Magazines, the publisher of Harper’s Bazaar, Cosmopolitan and Marie Clare, is seeing an overall 42 percent month-over-month increase in subscription sales, while Doug Olson, president of Meredith Magazines, whose titles include InStyle, said it, too, has seen an increase in subscriptions, which account for 96 percent of its sales.

    He acknowledged, though, that clearly there will be an impact across the media business on all platforms from falling advertising. “The level of impact is being determined,” he said. Since Meredith is a publicly traded company, it will provide an update on advertising when it releases third-quarter earnings in May.

    For one, the London Advertising Agency’s Moszynski believes any threat to the magazine sector is of “great concern.”

    “I still think it is one of the most valuable ways of delivering to a targeted audience, because of affinity to an interest area, a message which can cut through,” he said. “Maybe the sector needs to consider some of its own marketing to make sure it doesn’t go the way of the dodo.”

    WWD
     
  8. caioherrero

    caioherrero Well-Known Member

    Joined:
    Sep 2, 2017
    Messages:
    1,280
    Likes Received:
    361
    Anyone knows anything about Vogue Turkiye? I didn’t see any issues of 2020 of them, and the EIC Seda Dominic left the magazine
     
  9. Srdjan

    Srdjan Well-Known Member

    Joined:
    Jan 11, 2012
    Messages:
    4,513
    Likes Received:
    732
    @caioherrero the magazine was taken over by another publishing company and was supposed to relaunch, but I guess the pandemics messed up and prolonged the process.
     
    caioherrero likes this.
  10. caioherrero

    caioherrero Well-Known Member

    Joined:
    Sep 2, 2017
    Messages:
    1,280
    Likes Received:
    361
    Thank you. Do you know who is the new EIC?
     
  11. Melancholybaby

    Melancholybaby Well-Known Member

    Joined:
    Aug 25, 2011
    Messages:
    14,197
    Likes Received:
    827
    Condé Nast to Seek Pay Cuts and Government Assistance

    The glossy magazine publisher says it is experiencing “significant financial pressure” and imposing cost-saving measures across the globe.

    By Edmund Lee and Vanessa Friedman
    April 13, 2020, 9:00 a.m. ET

    Condé Nast, the most glittering of all the glossy magazine publishers, is the latest media casualty of the coronavirus pandemic.

    On Monday morning, the publisher of Vogue, Vanity Fair, The New Yorker and Architectural Digest, sent a memo to its 6,000 employees around the world from its chief executive, Roger Lynch, outlining pay cuts for high earners and reduced hours for other employees. The memo said the company also planned to seek government assistance in Britain and the European Union.

    “It’s very likely our advertising clients, consumers, and therefore our company, will be operating under significant financial pressure for some time,” Mr. Lynch said in the note. “As a result, we’ll need to go beyond the initial cost-savings measures we put in place to protect our business for the long term.”

    Those earning $100,000 or more — approximately just under half the company — will have their salaries reduced by 10 to 20 percent for five months, starting in May. Executives in the senior management team, which includes Anna Wintour, the artistic director of the company and its best-known figurehead, will have their pay cut by 20 percent. Mr. Lynch said he would forgo half of his salary. Board members who are not employees of Advance Publications (the holding company that owns Condé Nast), like Domenico De Sole, former chief executive of Gucci Group, will also have a 50 percent reduction in their compensation.

    Mr. Lynch said he also expected some layoffs, but didn’t specify how many. “While we consider it a last option, we do expect there will be some role eliminations as part of these efforts,” he said. Those decisions are expected in May. In the meantime, the company has frozen hiring on hundreds of open positions.

    Condé Nast also said it would ask for bailout funds in Europe and Britain, where it will also move to implement three-four day workweeks for some employees. The publisher plans to take advantage of the “partial activity” assistance programs in those regions that will make up lost salary for employees who have been furloughed or had their hours cut. In 2019 the company united its American and international arms, which include 11 owned and operated titles, into a single entity. The company has operations in France, Italy, Germany and Spain, as well as Asia, though half of its employees are based in the United States.

    Condé Nast would be one of the first publishers to request taxpayer funds. It’s an unusual move for a business that pays high salaries for editors who historically enjoyed perks such as town cars and clothing allowances, and sales executives who sell luxury advertising. It also risks alienating readers, for whom the idea of a gilded publisher requesting funds that could go to suffering workers may be anathema.

    Recently two of Condé Nast’s most prominent clients, the luxury groups LVMH Moët Hennessy Louis Vuitton and Kering, reportedly told furloughed employees they would be part of the “partial activity” government programs in France, but were forced to backpedal after peers such as Chanel announced they would bear the costs themselves rather than tap into the public purse.

    Magazines had already been on rocky ground before the coronavirus started spreading across the globe, but now the industry is in free fall. Its luxury advertisers, the lifeblood of its fashion and lifestyle magazines, are cutting their marketing budgets or shelving them entirely. Consumers are turning away from fantasy purchases and saving their money for necessities.

    Condé Nast had already been re-evaluating its media strategy, refashioning itself to cater to an online audience more attuned to Instagram and TikTok. It has sold off fusty titles and turned once-mighty glossies like Glamour into digital-only enterprises. Following the subscription success of The New Yorker, paywalls went up around Vanity Fair and Wired. Vogue, still the flagship, has also started to embrace digital publishing, though it is still highly dependent on advertising revenue.

    As a result, and after several years of losses, the business had been on pace to turn a healthy profit this year. The global pandemic has altered that trajectory, as it has for all other publishers.

    “We aren’t alone in needing to take actions like this,” Mr. Lynch said in the memo. “Companies around the world are all facing similar challenges and responding accordingly. But that doesn’t make this process any easier.”

    nytimes.com


     
    MissMagAddict and Benn98 like this.
  12. Benn98

    Benn98 Well-Known Member

    Joined:
    Aug 6, 2014
    Messages:
    31,614
    Likes Received:
    9,275
    Well, we all knew they've had money problems even before the pandemic started. But if one must be fair, CN should be able to access government aid. They're a business in trouble and contribute to the economy just like the entrepreneur and the corner chippy. Within reason, of course. But it will be an uphill battle to state their case. And I think it was rather underhand of Vanessa to mention the 'town cars and large allowances' which btw is not only an outdated claim because so many editors leaving have said on record that those are privileges of the past and the fact that most are going into more profitable industries tells you that there's no money in being EIC anymore. But I also find this as a brazen attack on fashion in general. Shame on NYT!

    Bet Roger Lynch regrets getting into a bunfight with The Orange One because his people will do what they can to turn public opinion against a CN bailout. Then there's also the very public spat over Melania's Vogue cover and his tiring feud with Vanity Fair. I can see them keeping score over all of this.

    Don't see it being much opposed in the UK but it really depends on how the tabloids will report on it. Italy is on the brink of another handout, for France to do it will just make Macron even more unpopular. The Germans are lucky because they have massive aid in place for the arts....

    CN should just argue how much commerce they drive in all these countries!
     
    #2012 Benn98, Apr 13, 2020
    Last edited: Apr 13, 2020
    MissMagAddict likes this.
  13. Benn98

    Benn98 Well-Known Member

    Joined:
    Aug 6, 2014
    Messages:
    31,614
    Likes Received:
    9,275
    Meant 'bailout', don't come for me!
     
    MissMagAddict likes this.
  14. MissMagAddict

    MissMagAddict The future is stupid

    Joined:
    Feb 2, 2005
    Messages:
    26,141
    Likes Received:
    599
    Anna easily makes over a million every year.
    20% isn’t enough.
     
  15. MissMagAddict

    MissMagAddict The future is stupid

    Joined:
    Feb 2, 2005
    Messages:
    26,141
    Likes Received:
    599
    Coronavirus Poised to Be Worse for Advertising, Media Than Last Recession
    Ad spend, tied directly to the state of the global economy, in the U.S. has already dropped by $80 billion, if not more.


    The last recession was bad for advertising and media, but the economic fallout from the coronavirus is expected to be even worse.

    In the decade since the recession of 2008 and 2009, the media world has become more used to digital operations and subscriptions to build up revenue. But most media entities are still too dependent on advertising to weather unscathed what is expected by analysts to be a drastic reduction by advertisers large and small in marketing spend. Be it online, in print or on TV.

    “The Great Recession was a low point in the recorded history of advertising,” research firm eMarketer said in a note. “Total media ad spending declined for two straight years in the U.S. and digital ad spending even dropped in absolute terms in 2009, the only time that’s ever happened.”

    Yet advertising and marketing executives are expecting the effects of the coronavirus to outstrip that previous low point. A survey of such executives by IAB with more than 400 respondents found 70 percent have already “adjusted or paused their planned ad spend” for the first half of the year. Another 16 percent are “still determining what actions to take.” Of those, 24 percent have pulled the entirety of their ad budgets. And among all respondents, about 75 percent expect the coronavirus downturn to be worse than the 2008-09 recession.

    Already, IAB found that “digital ad spend is down 33 percent and traditional media is down 39 percent.” Last year, digital ad spend in the U.S. overall came in at $129 billion, leaving the decrease so far this year likely around $40 billion. Traditional advertising last year came in around $109 billion, so the loss there is likely around $40 billion as well.

    The coronavirus was already expected to take a toll on global ad spending even a few weeks ago, with eMarketer projecting a decrease of $20 billion. Now the projection looks low as global lockdowns drag on, and well below what the more recent estimate from IAB show. Emarketer’s estimate was largely based on the effects of the coronavirus in China, and since then, the pandemic has caused lockdowns in most of Europe and the U.S.

    EMarketer admitted that its ad spending forecast was finalized in early March, saying in a newer note that “events have unfolded rapidly since then — but with little clarity on how economic trends will shake out this year.” While its full ad spend forecast has not been updated to reflect the coronavirus, the firm is already estimating that search advertising, normally a stronghold of digital ad buying, alone will decrease in the first half of this year by between $6 billion and $8 billion.

    “What happens after [coronavirus measures are lifted] depends on when ‘after’ is,” the firm added. “We hesitate to speculate about demand that is lost vs. pent up, for example, without having a better idea of how long the time period is [both indoors and with depressed income].”

    On Friday, new U.S. government projections around the coronavirus showed that, should 30-day “stay at home” or lockdown orders be lifted soon, as President Trump has insisted, a new wave of the disease would come up. With lockdowns expected to continue into the foreseeable future, comparisons to the Great Depression are starting to come into conversation when financial experts discuss the economic effects of the pandemic, which has in just a few weeks brought much U.S. business to a halt and cost almost 17 million people and counting their jobs.

    Kristalina Georgieva, managing director of The International Monetary Fund, which surveils the global economy, on Thursday said plainly in a podcast that “we anticipate the worst economic fallout since the Great Depression.” She added that, if the pandemic is fading by “the second half of the year,” and only then allowing for a “gradual lifting of containment measures” and a reopening of the world economy, there could be a “partial recovery.” But even that won’t start until mid-2021, if then.

    “I stress there is tremendous uncertainty around the outlook,” Georgieva said. “It could get worse depending on many variable factors, including the duration of the pandemic.” She did not say it could get better.

    Simply put, a global depression does not bode well for the media world at large and the advertising many outlets and operations get a vast majority of their revenue from.

    Despite most forms of media, from online news to TV, seeing levels of consumption, readership and engagement they’ve not experienced in decades, if ever, as public appetite for information and entertainment soars, it is simply not translating to what would normally be a corresponding increase in ad sales. Already, close to 30,000 news workers, many in smaller markets at local papers, have lost their jobs because of coronavirus effects, according to counts by Poynter and The New York Times. But the perception of the media is improving, too, with Pew Research Center finding last week that 54 percent of Americans think media coverage of the pandemic is “excellent or good.”

    Nevertheless, Moody’s Investor Service has repeatedly pointed to media and advertising as negatively exposed to the coronavirus effects, as its revenue is driven by advertising from non-food retail and automotive sectors. News worker union NewsGuild is now pushing for a stimulus package for the industry, telling the U.S. Congress on Thursday that the entirety of news operations “is seeing plummeting ad revenue created by business closures.”

    Such reductions, although not entirely played out, as the world is only a couple of months into a coronavirus economy, reflect the positions of many company executives that make advertising decisions.

    In addition to the IAB survey, in a late-March report, eMarketer found that all 200 ad and marketing executives it surveyed separately had in one form or another limited their advertising. Be it pulling a campaign that was already live, pausing all advertising outright, or cancelling a planned campaign entirely.

    Even Google, which holds the largest share of the online ad market, is going to take a sizable hit. Rohit Kulkarni, an investment analyst at MKM Partners, is expecting the company’s ad revenue to drop by as much as 16 percent in 2020 and another 8 percent in 2021. During the last recession, Kulkarni said Google’s revenue fell by 15 percent over the course of two years, noting it was a much less diversified company then with YouTube and cloud services still a nascent part of the business. Still, today the search engine’s $135 billion ad business is at least 40 percent driven by sectors being hit hard by the coronavirus fallout, like traditional retail, restaurants, travel and auto.

    “Global ad spend is highly correlated to global GDP growth,” Kulkarni said in a note. “We think online ad spend trends will have a higher [volatility] as it can be turned on or off quickly.”

    During her podcast, Georgieva said the IMF is expecting 170 of its 189 member countries, including the U.S., “will experience negative per capita income growth this year.” She did not project growth, or a return to positive territory, for 2021.

    For nearly all types of media companies, revenue from ads tends to be between 40 and 60 percent of a company’s total revenues.

    Lifestyle and news publishing tends to be on the higher end of the range. Condé Nast, for instance, is a roughly $1 billion company that, after years of diversification efforts, still gets just over 60 percent of its revenue from print and web ads. The New York Times, which has already warned of an impending hit to the business from the coronavirus but has a strong digital subscription business (a move that came out of the last recession), is a roughly $1.8 billion company and about 30 percent advertising-based as of the end of 2019.

    Even a major TV and film conglomerate like NBCUniversal gets about 40 percent of its revenue from ads. The company generates around $13 billion in ad revenue and last year counted $33 billion in revenue overall. Already this year, the company has taken a significant hit with the yearlong postponement of the 2020 Olympics, which it had sold over $1 billion in TV ad spots for. Whether the games actually happen next year is uncertain still, as Toshiro Muto, the head organizer of the games, admitted nothing was certain.

    “I don’t think anyone would be able to say if this is going to be possible to get [the coronavirus] under control by next July or not,” Muto said in a press conference.

    With the cancellation of all sports for the last two months, ones that could well affect the seasonal return of all sports leagues later this year, eMarketer warned that the impact on TV advertising could be severe, although it’s still working on projections. TV ad spend was expected to increase 2 percent in 2020, up from a decline of 2.5 percent last year.

    “The biggest remaining unknown is whether the U.S. will enter a severe recession during or after the COVID-19 outbreak, and for how long,” eMarketer said in a note. “If an extended economic crisis plays out, and if a significant drawdown in consumer spending ensues, then many additional ad spending metrics will also have to be reassessed.”

    source | wwd
     
    Benn98 likes this.
  16. MissMagAddict

    MissMagAddict The future is stupid

    Joined:
    Feb 2, 2005
    Messages:
    26,141
    Likes Received:
    599
    No aid, no bailouts because we need more tax breaks for the rich.
    source | wapo

    Also the $1,200 US Simulus Checks are just an advance on our 2020 tax returns.
    We have to pay it back.
     
    Royal-Galliano and Benn98 like this.
  17. Kite

    Kite Well-Known Member

    Joined:
    Jul 12, 2010
    Messages:
    1,714
    Likes Received:
    102
    Harpers Bazaar US combining June/July/August issues all together due to content issues.
     
  18. Benn98

    Benn98 Well-Known Member

    Joined:
    Aug 6, 2014
    Messages:
    31,614
    Likes Received:
    9,275
    So Harper's Bazaar can do 6-page travel edits and book Lubomirski for 2 edits in the same issue, but they're the first to reduce frequency? I don't get it.
     
    MON likes this.
  19. MON

    MON Well-Known Member

    Joined:
    Jun 20, 2009
    Messages:
    11,212
    Likes Received:
    2,441
    Oh a three month issue is messy. However it instantly becomes a must have as it is indeed a collector’s item.
     
  20. mikel

    mikel Well-Known Member

    Joined:
    Sep 30, 2005
    Messages:
    24,561
    Likes Received:
    1,521
    Yikes
     
    Bertrando3 likes this.

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice
monitoring_string = "058526dd2635cb6818386bfd373b82a4"