One less business magazine on shelves
By now, you probably know that circulation numbers for newspapers and periodicals are down. Numerous newspapers have either called it quits entirely or abandoned newsprint for the online-only format. Among other luminaries of print journalism, Dan Okrent, Edit0r-at-Large for Time, Inc., has sounded off on the issue. While the container for the information may change – his hint that online is the destination – the information itself will not. Journalism will continue to evolve and entertain.
Declining circulation figures and increased production costs are claiming more than newspapers. Magazines like Blender and Domino recently closed their doors, and not Portfolio Magazine by Condé Nast has followed suit. That means layoffs, with debt relief and debt consolidation to follow for the unfortunate few.
Where are the ads?
David Carr reports for the New York Times that Portfolio, a business magazine that Condé Nast began in April 2007, will cease publishing effective immediately. The decision was announced to the staff by Joanne Lipman, the magazine’s editor-in-chief.
Under Lipman, who is formerly of the Wall Street Journal, Portfolio failed to gain the expected foothold with both readers and (more importantly) advertisers. Reasons why vary, but the onus has been placed upon the tightening of ad spending for the print medium. Even online advertising has failed to produce the revenue expected, much to the chagrin of newspapers and magazines.
Down the tubes
Publisher’s Information Bureau indicates that Portfolio’s advertising revenue was down 60.9 percent in the first quarter of this year compared with last year. Average print circulation was about 415,000.
This didn’t come as a surprise to people who worked for the magazine. In October of 2008, frequency was cut from 12 to 10 issues per year. Then Portfolio.com laid off most of its staff. Despite winning a National Magazine Award in 2008 for its “Briefs”, Portfolio’s frequency was cut from 12 times a year to 10 in October, and its Web site, Portfolio.com, laid off the majority of its staff. It tried to grab some market share from other business magazines like BusinessWeek, Fortune and Forbes, but was not successful.
Don’t let the door hit you…
By the time April 2009 rolled around, the issue of Portfolio was Condé Nast’s slimmest magazine ever. Chairman S.I. Newhouse Jr. took the inevitable action. Here is the statement Condé Nast Publications Group President David Carey released:
Earlier today, Condé Nast announced, quite regrettably, that it is pulling back from its investment in Portfolio.
For this high-profile, 21-issue launch, the recession has helped and hurt the brand. While the unprecedented nature of these times has made business and the economy the main topic of conversation, it has also led to high levels of uncertainty and a tremendous reduction in ad spend in the five key sectors Portfolio’s business model depends on.
The company is deeply grateful to Portfolio’s readers, for the support of its many friends in the advertising community who worked so closely with Joanne Lipman and William Li, and to the many journalists who keep such a keen interest in all things related to this introduction.
Good night, Portfolio. Best of luck to everyone in finding work.
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