It’s a perilous time to be in the newspaper and magazine business. Advertising revenue and subscriptions continue to fall. Staffs are being slashed. Many wonder how much longer if newspapers and magazines even have a future.
They do. But it will take some creativity to survive.
The Christian Science Monitor and U.S. News & World Report have taken the first step to surviving well into the 21st Century: Abandoning their print editions and becoming internet-focused publications* (see CSM story here and U.S. News story here).
Changing to a web-only publication is a win for publications because it eliminates one of their biggest expenses: printing, delivery, mailing costs. With the right analytic tools, the move provides publishers and editors more information about their readers. Not only can they know who’s reading their publication but what they’re reading and where they’re coming from and what advertisers to target.
However, their move to online publications should be welcome news for advertisers who are looking for effective advertising avenues and ways to make sure they’re getting the most for the money they spend. The move is also a win for advertisers who, instead of going on ineffective print ads, will be able to know about those who will be to their ads and how effective there advertising campaigns are. As a result, they’ll be able to squeeze the most from every dollar they spend advertising with these web-only publications.
That’s not to say the move isn’t without its challenges. Both the CSM and U.S. News need to find a way to make this move profitable. When it comes to news, consumers have pretty much rejected paying for it online. That means these publications are going to hope that the amount and type of traffic they generate to their websites are enticing for potential advertisers.
For advertisers, there’s little downside other than hoping their marketing campaigns resonate with prospects and the publications are able to provide an attractive target audience.
Whether or not The Christian Science Monitor and U.S. News can make the transition to the web a profitable one remains to be seen. Either way, look for many more publications to take the same leap in 2009.
* U.S. News & World Report will continue a monthly publication mostly in the form of their annual consumer guides. The Christian Science Monitor will publish a weekly print magazine.