Magazines. The Next Evolution.
If newspapers are having a hard time, then magazines – more expensive to fill, print and distribute – must be really suffering. The need for innovation, new income streams and a focus on delivering value is urgent. One of the most venerable news magazines is ushering in change, right earnest. New York Times reports that Newsweek will go in for a whole new approach. To begin with it will be abandoning one of the basic tenets of the business. Chasing circulation. And instead focus on it best customers. From a base of about 3 million Newsweek will only be printing 1.5 million copies come January 2010. The magazine is focusing on its best customers, about 1.2 million strong who are its best-educated, most avid consumers of news, and who have higher incomes than the average reader. There are major changes to the editorial too. Moving away from obligatory reporting of key events from around the world, Newsweek will look at features where they have something unique to say. While Newsweek is cutting back,the French Government is going the other way to help its ailing newspaper industry, by giving away free newspapers to their citizens.