Is Print Advertising Dead?
Check out @themediaisdying on Twitter for a glimpse at the convulsions of an industry that’s either at death’s door or, for the more optimistically inclined, in the midst of a violent but necessary transformation.
I’ve worked in magazine publishing for 15 years now — consumer, B2B and non-profit — and as has been noted pretty much everywhere recently, 2008 was an ugly year. Mass consumer and B2B brands are getting hit the hardest, but even local and niche brands with strong subscriber bases are getting hammered by this perfect storm, and surprisingly to almost no one with any sense some people, the Internet has turned out to not be the magic bullet it was proclaimed to be.
(In fact, in many cases, online publishing is effectively “trading dollars for pennies“, and the economic fallout that’s affected print advertising is undoubtedly going to affect online advertising, too. ETA: It already has.)
Flip through the most recent issues of your favorite magazines and you’ll probably notice they’re a little bit lighter than they used to be. Less editorial content; thinner paper; deeply discounted, sometimes desperately worded subscription offers.
Almost all of them likely have less ads (and in many cases less relevant ads) than they used to, too.
I was cautiously optimistic that the major damage might be limited to 2008, and 2009 could be a rebuilding year for most brands on flat revenues, with some going under and a few even pulling off a Miami Dolphins-style turnaround, but 13 days into the new year, it looks like things still haven’t quite hit bottom.