Seeking Methods to "Future Proof" Print Magazines

There is no denying that it has mostly been a rough decade for print media. Many of the brands that have survived, however, appear poised for a profitable future by leaning into print as a pivotal part of their strategy, rather than merely preserving a dying platform.

Following a year of continued consolidations and layoffs at several mass-market publications, some insiders see opportunities ahead. Doug Olson, president of Meredith Magazines, says that the company’s acquisition of Time Inc., completed a year ago, illustrates its positive outlook.

"We’re very bullish and excited about the awesome portfolio that we have," Olson said. "If we didn’t believe that magazines and brands matter, we wouldn’t have done the deal."

Still, the business model is changing. The top 50 magazine advertisers spent a combined 6 percent less on print in 2017 than in the previous year, according to data from the MPA, the Association of Magazine Media.

"I don’t think anyone thinks that ad revenue is going to dramatically increase in the future," said Gregory Gatto, executive VP at Bonnier Media. "It would be great if it did, but I don’t think that’s in the cards."

In response, successful publishers are turning to subscribers to make up for lost revenue, creating lower frequency, higher quality publications catering to niche audiences who are—ideally—willing to pay more for a higher grade product.

 

The quarterly frequency of The Magnolia Journal makes it less of an outlier among big magazine brands than it would have been a few years ago. Following on the continued success of SIPs at newsstands, publishers across the board are looking for ways to deliver a higher-priced, higher-quality product to subscribers as well. That has meant less frequent publications that offer a superior experience to readers.

"Instead of trying to put out a smaller editorial folio and reducing the paper stock, we’re doing higher quality paper stock and increasing the editorial folio to give the subscriber something or worth when it arrives," Gatto said. "But we’re also charging them more money for it."

Bonnier has recently reduced the frequencies of Popular Science, Outdoor Life, Cycle World and Saveur to quarterly, while also hiking-up the cost of their subscriptions. The result: a 30-percent increase in subscription yield for the company year-over-year. Bonnier has found success with advertisers who like the idea of the higher-value consumer who chooses to spend his or her money on such magazines, and the majority of its titles exceeded print ad goals for 2018.

 

More information can be found in the full Jan. 9, 2019 article published on Foliomag's website.