Food lovers and brides-to-be around the world will be devastated by the news overnight that US magazine publisher Condé Nast, known for lavish publications such as Vanity Fair and Vogue, is shutting four magazines: Gourmet, Modern Bride, Elegant Bride and Cooke.
The closures are part of a massive cost-cutting drive across Condé Nast. Last year the company closed its lavish business title Portfolio and earlier this year it brought in consultants from McKinsey & Co. to look for ways to swing the axe.
The fact that Condé Nast has killed off four of its most popular titles – particularly Gourmet, which has been published since 1940 – shows just how serious things are.
As so often happens after the death of a much-loved magazine, there has been an outpouring of grief from Gourmet subscribers, of which there are still almost one million.
Yet in the words of chief executive Chuck Townsend, Condé Nast had no choice but to “narrow our focus to titles with the greatest prospects for long-term growth”.
The cuts can hardly have come as a surprise to the industry. Indeed, many pundits have been waiting for Condé Nast to start cutting costs, given the fact that so many of their titles are so lavish, with big production budgets, expensive-looking photo shoots and top (read expensive) writers.
But it’s not just the glamorous glossies that are under the pump – the magazine sector in the US and around the world is in the middle of a nightmare.
According to a blog on Christian Science Monitor, an online database of US and Canadian periodicals called Mediafinder.com, shows 383 titles have been shut down in 2009, following 613 closures in 2008 and 643 closures in 2007. It’s also worth noting that on top of these closures, 64 publications have moved from print to online in 2009.
Most media commentators are bracing for more cuts, at Condé Nast and throughout the magazine sector. There is no doubt that these closures will happen. In the world of the media, a strong brand, a loyal subscriber base and a long and proud history is no longer enough to guarantee survival.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
