Over the last few weeks I have been looking at publishing. It’s too big a subject to fit into one or even a week’s posts and there is a lot going on in the rest of the agency but I did want to include a bit about magazine (periodical) publishers because whilst they do share things in common with newspapers it is a hybrid problem that they face and one which may require the most outlandish of solutions if profits are to be protected by the publishing companies.
First off I have been a dedicated magazine reader all my life. When I was a child I read comics, and then at the age of 11 started reading titles such as ‘Skateboard Scene’ to go with my new found passion whilst trying to learn how to bowl ride. Other titles that I have been devoted to have included The Face, NME, The Stage, Diver Magazine, Which, Home and Garden, Private Eye, The Economist, Personal Computer World, , PC User, Computing, PC Week, Internet Magazine, Internet User, Wired, Marketing, Marketing Week, Revolution, New Media Age.
The point is that I have read a lot of magazines. They can loosely be split into titles I read for pleasure and titles I read for work. Of the ones I read for pleasure I read them to find out what was new, what was cool, what to buy, what was a better buy, how to find the best price. I also read some of them to find out where to go and what to do. I made sure I was in the know and that the kit and equipment I had was as up to date and as quality as I could afford.
Of the titles which I read for professional reasons I was able to keep my knowledge up to date and current, abreast of new trends and thought processes, aware of competitors and what they were doing and saying. I was able to get good deals for equipment I wanted the company to buy and I was able to check my salary against similar jobs when it was leading up to a wage review and I was able to find new job opportunities when it was time to move on. I read them on the train, at home and in the office. I read them early in the morning in the evening at weekends and at lunchtime. They were informing, entertaining and reference material. They were an invaluable part of my life.
That’s a pretty exhaustive list and my memory fails me at what point I learned that these were actually termed as business to business and business to consumer titles. I suspect that my experience of magazines is not so dissimilar to that of other people. They provide in depth knowledge and resources for niche audiences. The more information and stats it was able to provide me with the better I liked it.
These days I have a single resource for pretty much all these things and that is the Internet. The Internet is extremely good at providing resources to niche audiences at a low cost which is bad news for the B2C titles. It is also the greatest information resource yet conceived by man which is bad news for B2C titles. Blogging provides more analysis and news than I can ever consume in a single sitting and Google provides me with lots of research material to base purchases on. It seems that advertisers, the bedrock of all periodical publication agree with Ad revenues down for the entire industry.
It’s a problem that publishers have seen coming but now it is here most seem to be no nearer a solution and ill prepared for the shift. Instead of tooling up and preparing for this well in advance there is suddenly a wealth of ads for digital directors and Heads of Digital. Head hunters are on the phones screening candidates for their ‘gravitas’, knowledge, and willingness to explore any and all possibilities to find the correct solution for their business. The sad thing is that if this is genuinely their first foray into this arena then it is probably already too late to find a business solution to the problem.
Fortunately that doesn’t include the majority, who have explored a number of possibilities over the years, from teasers and paywalls to new news free and value added services. The trends and solutions have gone in cycles with the Economist recently announcing that more of their content will move to behind the paywall. They are putting a lot of faith in the belief that news and commentary has value to the audience, especially as there are free alternatives available on blogs. Their issues (certainly as far as some points go) are therefore the same as those facing newspapers and there are enough citizen journalists who will be more than willing to write the story and capture the audience whilst they come up with new and interesting ways to monetise their blog. Most will fail and vanish after a few attempts but they will soon be replaced at the speed of Google and eventually someone will figure out the method that sticks.
One model I looked at some ten years ago now was for an independent magazine called SimplyCity. It was aimed at the modern urban living woman and seemed to me to be perfect for the Carrie Bradshaws of New York which is where it was first issued. The magazine provided content and ideas on where to go, what to buy, what to wear, and other lifestyle information. It had a catchy title and an attitude that epitomised single women living in the city at that time. The website then gave additional content but most importantly provided access to purchase the products and other items that the printed magazine had introduced its audience to.
There was also a theme that ran through the articles and follow up articles so that each subsequent version directed traffic to the next instalment. If the previous instalment had been online then the next one would be offline and visa verse. This was therefore a case of offline driving traffic online and online driving traffic offline. You got some content free (online) and paid for other content (offline) and online supported itself with eCommerce. It’s a model I loved but in amongst the dot com crash the cost of managing what was effectively two sets of publishing teams (offline and online) and carrying stock was too much for the company and its investors to bare. We were all pretty young then and I know my knowledge wasn’t as rounded then as it is now and so I wasn’t able to give them as good advice as I could today.
If we were doing this today I would recommend that the magazine operate as an affiliate which would claim commissions back from products featured, and sell advertising to increase the visibility of lead products and services. That would negate the need for stock and fulfilment whilst providing an online revenue stream and a reason for the site to co-exist alongside the printed version rather than cannibalising it. The question of dual content is one that is still expensive but if the audience could be tapped into this a series of trackbacks to relevant blogs could also be integrated so that commentary and discussion was provided and boosted the audience’s own SEO efforts.
Another idea that has been suggested to me and which I agree with is providing access to tools and data to subscribers. The content is therefore available to anyone online but methods to interact with the stored data of the publication are made available through applications.
I began by saying that this post was too long for a single article so I will pick it up again in another article.