The carnage in the print world continues. The latest big-name publication to go up for sale: 77 year-old Newsweek.
The magazine, which covers U.S. and global news on a weekly basis, has,
like many print publications, seen its subscriber base erode over the
years. That has made it hard to run as a sustainable business. Newsweek
lost nearly $30m last year, and just over $16m in 2008.
The iPad hype is in full swing. Anybody who checks Techmeme on a daily basis, for instance, will be intimately familiar with the latest iPad news and rumors.
While initial analyst indications are that the iPad is going to rock and roll, it's still too early to say if it will truly live up to the hype long-term. But that doesn't mean it's too early to declare that it has done something remarkable because that it has. What has it done? Inspired stodgy old industries.
Bloomberg is wasting no time in getting to work on BusinessWeek, which it agreed to acquire last month. Although the deal is not expected to close until next month, Bloomberg is already plotting out the future for the weekly business magazine.
According to MediaWeek, Bloomberg's initial plans are to make BusinessWeek "bigger, glossier and more international". Talking Biz News, whose sources were at a meeting conducted by Bloomberg exec and future BusinessWeek chairman Norm Pearlstine, is reporting that the overhaul would "focus on making it more competitive with The Economist and less like Fortune and Forbes".
Times are tough for many magazines these days. BusinessWeek knows that
first-hand. The weekly business magazine will reportedly lose some $40m
But after a long bidding process, it has found a knight in shining armor:
Bloomberg LP. The privately-held financial software, data and news
company is acquiring BusinessWeek for an undisclosed sum rumored to be
in the range of $2-$5m (yes you read that right, million). It will
also take on BusinessWeek's liabilities, which could far exceed that
Google has long been trying to dissuade publishers that it is a parasite leeching revenue off of their hardwork. And this fall, the company is putting its money where its mouth is.
Last week Google announced a micropayment system that could help publishers monetize content. And this week, the search giant has introduced its first revenue sharing agreement with publishers: Google Fast Flip.
The new format will start aggregating content from about 40 publishers in a format reminiscent of offline reading — and share the advertising proceeds with content creators.
This is a big shift for Google, but it makes sense for the company to create new ways of viewing news online. Publishers are frustrated with their lack of revenue online and eager to change the business model of sharing Internet content.
If newspapers succeed in their reboot and come up with a successful way to make money off the web, Google wants to get a piece of the action. It's just unclear what model will actually stick.
Back in July I wrote about the planned re-branding of The Economist. It was a risky move because The Economist is a magazine with a sterling reputation and an affluent readership. Two months on, the full strategy behind the re-branding has appeared online.
Journalism on the web requires a new way of thinking. As editor-in-chief of BusinessWeek.com, John A. Byrne is responsible for guiding the BusinessWeek brand on the web.
In this exclusive interview Byrne, who was previously editor-in-chief of Fast Company and is the author of eight books, talks at length about BusinessWeek's strategy for engaging readers and managing BusinessWeek's web brand.
There's a lot of talk about the future of magazines, and print media in general, because there's a lot to talk about. When it comes to discussing what the future holds, Rex Hammock is one of the guys you want to speak to.
He's a veteran "magazine guy" who co-founded the Custom Publishing Council, served as a director of the American Business Media trade association and is today the CEO of custom media firm Hammock Inc. His recent guest column in Publishing Executive entitled "9 Things I've Learned About Magazines by Blogging" piqued my interest so I decided to ask Rex about the state of the magazine industry, what the internet means to print publishers today, the pay walls that are coming up and what blogging might look like a decade from now.
Today it was announced that the London-based current affairs/economics magazine The Economist is launching a far-reaching ad campaign aimed at broadening its readership. It's a unique title in a unique position with an equally unique readership. But an ad campaign could spoil that...