This first appeared in the April issue of AdNews Magazine and is part one of a three-part series that focuses on the positive stories of print publishers.
In an increasing digital world, the fate of magazines is often called into question. The doom and gloom surrounding magazines is backed up by recent statistics from Standard Media Index, with media agency spend on magazines falling 20.8% in 2017 and circulation down across the board. Research from the Australian Bureau Circulation shows a 13% drop in readership year–on–year (YOY).
These statistics could paint a pretty bleak picture of the state of the Australian magazine industry, especially if you add in the many titles that have bowed out in the last two years. Among the droves of celebrity titles that have failed to diversify, coupled with plummeting ad revenue streams at the hands of an unstable ad market, there are diamonds in the rough that have defied market conditions to become profitable businesses.
The publishers that have survived the digital apocalypse have learned that the key to longevity in print goes beyond paper and staples. Now, it comprises events, a strong digital presence, a social media strategy, e–commerce offering, and content that is hands down proven to resonate with the reader.
Take a look at Vogue Australia, which has a monthly print readership of 391,000 and full pages full of expensive, full–page ads for luxury brands like Chanel, Dior, Prada and Burberry. Its monthly print product is complemented by a highly visual website, spin–offs like Vogue Living, social media channels and flagship events such as Vogue Fashion Night Out.
American Express has been a long-standing sponsor of Vogue Fashion Night Out
Now in its eighth year, Vogue Fashion Night Out attracts more than 400,000 people across Sydney and Melbourne, and the attention of American Express and David Jones which sponsor the event each year.
And brands like Rimmel, Tiffany & Co, Marc Jacobs, Chloe and Sally Hansen - all clients of full–service agency Hyland - still spend significantly in print each year. The agency's founder, Virginia Hyland, revealed she sees real results every time one of her clients places an ad that includes a perfume or foundation sample, adding this most definitely delivers a lift in sales.
“Magazines offer the types of experiences that aren’t happening in other media,” Hyland said.
“There are certain categories of print that are holding firm with consumers, like home and lifestyle, food and fashion, because there is nothing as aspirational online.
“These magazines are delivering the type of recognition and awareness with their audience that clients would love to have.”
While Hyland may back print, she doesn’t believe all titles are safe.
“Magazines that offer something unique will hold strong, but other magazines will disappear and drop their print version," she said.
“It’s still a changing landscape, but we have rationalised a lot of changes and now we are largely left with strong titles that can be leveraged across print and digital.”
News Corp–owned Vogue and Bauer–backed Elle have large networks behind them and are targeting a wide demographic: women. These are two successful titles in the female–focused media space, but others like Cosmopolitan and Cleo, have struggled in the new advertising economy while Facebook and Google have hoovered up a larger portion of ad spend, and budgets are fragmented across an array of media channels.
Vogue and Elle highlight the resilience of the luxury segment that has shown no signs of abating.
Vogue’s successful event strategy and Gourmet Traveller and Harper’s Bazaar launching new issues in China are all examples of the robust health of the luxury end of the market.
Gourmet Traveller started producing Chinese issues to expand market presence
Some titles, however, have not had the same resilience in this market: Cleo closed in 2016 and Cosmopolitan’s print readership continues to plummet. The titles have failed to zone in on a specific market and find their niche, which Private Media founder, CEO Eric Beecher, said is critical. Keep your eyes peeled for a feature later this week in niche publishing.
Where will print be a decade on?
There are still too many magazines on the newsstand and Bauer and Pacific Magazines know it. More closures are imminent so publishers can breathe greater life into those that remain.
But, some believe there is life left for the magazines that are exploring brave, dynamic distribution models to secure the future of their print titles.
CEO of ad agency Bashful, Simon Bookallil, suggests magazines will see a resurgence as 3D printers are adopted more widely and people can print the titles they love from the comfort of their own homes.
Virginia Hyland doesn't see the newsstand emptying out either. In fact, quite the opposite.
“Print isn’t going anywhere,” she said. “In fact it is having a renaissance.”
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