108-year-old Editor & Publisher going out of business
December 11, 2009
According to this memo, the Editor & Publisher is out of business:
Today, we announced that Nielsen Business Media has reached an agreement with e5 Global Media Holdings, LLC, a new company formed jointly by Pluribus Capital Management and Guggenheim Partners, for the sale of eight brands in the Media and Entertainment Group, including Adweek, Brandweek, Mediaweek, The Clio Awards, Backstage, Billboard, Film Journal International and The Hollywood Reporter. e5 Global Media Holdings has also agreed to acquire our Film Expo business, which includes the ShoWest, ShowEast, Cinema Expo International and CineAsia trade shows.
In addition, we’ve made the decision to cease operations for Editor & Publisher and Kirkus Reviews.
It’s been a hard decade for print media, with anyone holding an 8 dollar a year domain and 5 dollar a month hosting account able to challenge an established print media organisation with their blog.
This has been going on for a long time, a real long time. Editor and Publisher is just the last of a long list of print media outlets that are going down the tubes… and yet print still accounts for a large percentage of advertising agency allocation of clients budget. Though no one reads those ad agency placed ads.
It’s reached the point where where circulation is dropping faster than reporting. Meaning that the circulation numbers from last quarter are 30% higher than this quarter. So you’re taking your clients budget, and buying print ads at a level that is 30% lower than what they AND you think are getting.
Nothing is stable in that industry, and the only trend is an increasingly downward slope.
Let’s face it, you are not going to get any timely article via print. Most people realise that, and most people prefer the online version of it. The term “cut and paste” may have came from print, but it’s online where it is appearing to happen more and more.
Yet most ad agencies are still pumping massive amounts of their clients budget into print. Something that baffles us, and has baffled us since we opened.
4 years ago we stated print has 5 years left, clearly we are on the right tack as print media firms have been closing right and left faster than anyone can imagine, and this recession is just speeding up what was happening anyway.
If you are not allocating 80% of your international client budget to some form of digital, meaning SEO, Social Media, Blogging, Youtube videos , Twitter for mobile and even “in many cases” blown money via PPC, then the chances are you are blowing your clients money in wasted advertising.
This is the new reality, anything stated to the contrary isn’t going to cut it… it sort of exposes you as not progressive enough to keep the client.
Even TV is defined as Hulu or CBS.com, not channel 4 on the TV. As the growing trend is to hook up linux based computer to your flat panel and run Hulu’s desktop, complete with remote control.
Print Media doesn’t fit in this picture.
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“…anyone holding an 8 dollar a year domain and 5 dollar a month hosting account able to challenge an established print media organization with their blog.” Throw in “real-time” search for a little more fun.
That is the cold, harsh reality. I've been telling my bosses for years that we should act more like publishers instead paying to be an “advertiser”. And when I say “publishing”, I don't mean on “press release” sites.
That's completely correct.. real time search vs 3 day old news (by the time the paper reaches the persons house).
Or month old news in terms of monthly magazines…
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