Many experts think so. Certainly, the Internet has changed the landscape of traditional magazine publishing. While consumer or popular magazines are not feeling the pinch as much as B2B trade magazines, the writing is on the wall. Many well-known magazines have ceased to produce their print editions, and others have folded completely. There are three main reasons why:
1. Readers want and expect information 24/7. Publications that produce fresh content monthly or bi-monthly lose readership and annual subscribers quickly.
2. Advertisers have cut back on their print advertising expenditures. As a result, magazine revenue and profitability are falling. Reduced adver
tising also results in fewer editorial pages, which in turn provides less value to readers.
3. The digital explosion has created the need for a different business model that many publishers don’t fully understand and are slow to adopt. While transitioning from a print to a digital magazine produces certain benefits—reduced staffing, overhead and other expenses—the manner in which it’s done is key to re-engaging readers and returning the magazine publishing industry to financial health.
Don’t Bury the Magazine Publishing Industry Yet
In spite of the doom and gloom, there is a segment of the magazine publishing industry that is growing. A recent article in Publishers Daily reports that “the global market for digital magazine publishing will pass $35 billion by 2020, with a cumulative annual growth rate exceeding 20% over the next five years,” based on a new forecast from market researcher Technavio.
Kim Norkett and Larry Genkin, founders of Of Eleven Media, are capitalizing on those growth opportunities and reinventing this industry. With a long history as traditional magazine publishers, they recognized that simply trying to replicate print publications in a digital format is not sufficient. Their new business model includes comprehensive services for advertising, printing, technology and expanded readership.
Some of their breakthroughs include:
- A proprietary software solution called MagTitan allows publications to experience compatibility with all mobile and digital devices, without requiring a reader to zoom, pinch or squint.
- A groundbreaking ad creation technology called Ad Einstein offers publishers a revolutionary advertising business model based on the lucrative pay-per-click model pioneered by Google. With Ad Einstein publishers can now make money every time one of their magazine ads is read.
- Attractive digital editions that are animated and fully interactive.
- Video (live, on-demand and as a background)
- Technology that is browser-based, making readership far easier than locking content away behind memory hogging apps.
- Magazines that are embeddable on any third-party website (like YouTube), allowing for greater readership and traffic generation.
- “Web Window” technology that displays websites within the magazine, instead of forcing readers to leave the magazine to get more information.
- Circulation building services.
Magazine Publishing & Digital Technology: A Winning Combination
Digital technology is fully integrated into our daily lives. At the same time consumers’ reading habits are changing at an unprecedented rate. Content is more critical than ever, and publishers are increasing opportunities to reach their audiences through the development of new technology, channels and formats. The publishing industry has experienced growing pains over recent years. Despite this, those publishers that embrace technology and digital formats will be in a strong position for continued success.