The State of the Magazine Industry Today

The magazine industry has dramatically changed over the last 50 years, becoming a smaller and more competitive market to that of which it once was. The majority of magazine companies were profitable, but why do we now find countless magazines falling off the shelves of many high street newsagents?

During the sixties, a time of social revolution, journalists discovered a way of producing information and entertainment to the consumer, particular that of young people. Music became more popular, as did the sense of liberty and freedom, and the allowance to break convention and be 'individual'. For the next forty years magazines would sell thousands of copies a week, first appearing in the typical broadsheet format, then moving to the more glossy approach.

An early edition of music magazine NME,
looking like a more traditional newspaper.

Magazines continued to sell well until the mid 90's, with the introduction of the ever increasing World Wide Web. Publishing companies knew there was a gap in the market and that people would read on the internet, rather than purchase a copy of their favourite pamphlet. Sites such as www.google.com and Facebook meant advertising competition was at its highest, and consumer attention became harder to grasp.

After the internet came the advance in technology. Mobile phones then gave you access to the internet, with more recently, Smartphones, give you complete access to the web. This meant magazines could now be read from the screen of your phone, from your bedroom to the local bus ride. Although a threat for publishers, it also became a massive opportunity. Magazines such as The Fly began to offer more online extras and services in an attempt to attract or keep their customers.

In 2008 the world saw a massive financial crash that many people consider still not to be over. Thousands of companies went bust and along with the retail industry, the magazine industry also suffered a massive blow, with people saving their hard earned money only for the necessities of life. Advertising companies saw a massive decline in revenue, resulting in the fall and demise of many magazines, Smash Hits, for example. Circulation in the USA, a country of thousands of magazine genres, fell dramatically 20% in the ten years to 2010.

Smash Hits magazine, a leading mag in the nineties
eventually seized publishing in February 2006 due
to falling sales.

With the fall of many magazines, the leading companies were able to survive and take a lead in the market. The four leading publishers in the US, Time Inc, Meredith, Hearst and Conde-Nast together own almost 50% of the market, making it extremely difficult for small and middle market magazines to survive.

As well as the financial crash, newsstand sales fell due to the rise in supermarket sales. Publishers have begun to issue female orientated publications, with the male population more likely to use technology for their news, information and entertainment. This is where the iPhone ans Blackberry have taken charge, offering Apps directly to your phone, rather than a 50 pence newspaper from your local newsagent.

In order for magazines to survive they need to consider a number of strategies. It is important they invest vast amounts of money in digital initiatives, such as their own website, for example. In order to save money and use it to its full potential staff should be efficient as possible and should possess new media and database skills, exploiting the technological world through phones and apps. The magazine market has become a much more competitive place over the last 50 years and it is important that magazine companies evolve with the modern world in which we live in.