Newsweek Ends 80-Year Print To Go All-Digital
The internet came along and disrupted the marketplace. We were shocked when Newsweek announced to end its 80-year print run, ending a publishing era. Or will News weekly start the beginning of a new digital publishing era?
But a shock went through the U.S. when Newsweek announced to end its 80-year print run to focus on digital strategy. Get some interesting insights here.
Famous Barry Diller, and Tina Brown are closing Newsweek’s print edition after 80 years as they’ve shifted there hope to an all-digital strategy, in a last attempt to turn the tide for the struggling news weekly.
Newsweek’s News weekly print edition, that once dominated the U.S. weekly market, will be ending at 31 December 2012.
Newsweek told that the move would save $42 million in annual printing, distribution and circulation costs. How many of the 270 staff will keep their jobs is not disclosed at this moment.
Newsweek’s 1.5 million circulation is less than half of what is was 5 years ago, as print advertising spend plunged 70% to $141 million between 2007 and 2011.
eMarketer expect U.S. print advertising to increase marginally to $15.2 billion by the end of 2012.
Newsweek is owned by IAC, whose assets include Match.com, Ask.com, CollegeHumor, and CityGrid Media, a stable it calls “one of the world’s largest families of websites.” Newsweek recently acquired About.com from the New York Times Co.
The move by Newsweek also reflects a shift in advertising. According to eMarketer, digital ad spending will grow to $37.31 billion in 2012, and outpace print for the first time in 2012, which will get $34.33 billion.
Newsweek plans to charge $24.99 for an annual digital-only subscription. The late implemented paid-digital strategy of Newsweek might not be the solution for a bright future, is my honest opinion.
The future of publishing?
We recently wrote here about the disproportional ad spend of CMOs from the U.S., compared to consumer time spent on media.
Many have discussed the possible end of the book and print publishing industry. In a world of linear thinking we mights see the end of a publishing era as we know it.
In a world of non-linear thinking; we might see a start of a new publishing era. This amazing video might be an eye-opener to many of us?
All publishers that adapt to technology will survive, but most will be smaller players in the digital era. And the new trend and in successful and profitable publishing will be: content #aggregation and content #curation.
What About You?
How did you like above video and what do you expect of the future of publishing?
Source: Financial Times, eMarketer.