If you are associated with a magazine publishing power house, you know that times have been tough and continue to be. There are the known symptoms: mass layoffs and magazine foldings. There are also the rumors that there is more heartbreak to come.
According to the Publisher Information Bureau's third quarter results for consumer magazine advertising, released last week, ad pages fell 26.6% industrywide. The year to date drop is 27.2 %, which translates to 44,659 pages and $3.47 billion in lost revenue.
For Conde Nast, the news is grimmer. In the first nine months of this year, the ad pages fell 41.8% which is 9,357 ad pages that were not bought. S.I. Newhouse's magazine empire's ad loss represents 21% of the industry's lost pages. The revenues, supposed to be brought from sold ad pages, dropped 36.2% which means a loss of close to $800 million, representing 23% of the industry's loss.
For those wondering about the fashion magazines that Conde Nast owns, Vogue's ad pages are down 33% from this time last year, while Teen Vogue is down 38.9% and W is down 46.2%.
If one projects a similar trend for the fourth quarter, it seems likely that the total ad revenue loss for Conde Nast alone will be around $1 billion.
Story Source: The Wrap
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