No newsflash here ... the news industry continues its miserable decline. One traditional media title that has actually grown in circulation and navigated a tough economic climate fairly well -- The Economist.
Newsweek has taken notice. In a Financial Times article today, Newsweek, part of The Washington Post Co., reported that Newsweek's revenue declined 13% -- faster than even the Post.
Newsweek will rollout a new print and online edition in May.
So what's the plan to get revenue up? More white space, bolder photos, popular writers and columnists. Oh, also reduce circulation, increase subscription rates, attract upscale readers ($100,000 annual income and higher) and, in turn, luxury advertisers.
If The Economist is a model for other traditional media, I'm not sure that more white space, bolder photos, popular writers, reducing circulation, increasing subscription rates is the winnable formula. Insightful, compelling, probing writing and analysis is. And that, apparently, is what people are willing to pay for.
But who am I to critique Newsweek's strategy? I'm a traditional media junkie. I still read the local newspaper, a national business newspaper and an international business newspaper. Plus five magazines -- Fortune, Forbes, BusinessWeek, Fast Company and TIME.
I thoroughly dread the day when those traditional print titles are relics, like the LP. I might need to consider saving one copy of each title I currently subscribe to, frame the cover of each to show my kids in the future and hang them in my office.
Now, it's time to publish this post on traditional media in a new medium. Call me conflicted.
