It's Tuesday: Under Pressure: Publishing in 2022 - Issue #67
How's the year been for you? Are your sub files holding up? Did the last renewal campaign work out OK? Are your social feeds generating revenue and engagement? What happened when you relaunched live events? How about newsstand sales?
OK, that last questions was probably not necessary.
In surveying my clients recently, nearly every one that responded reported that this year has not been easy. Retention rates are slipping. Ad revenue is unstable. It's been hard to maintain circulation. Paper costs are up. Several have been vocally questioning the efficacy of remaining on the newsstand.
Yeah...I didn't need to hear that last one either.
In other words, publishers are under pressure in 2022.
I've always maintained that in the world of business, it's super easy to seem like a great business leader - when times are good. The real test of what sort of manager you are is when the times are not so good. And by that, I don't mean some stereotypical hard nosed, take no prisoners, lay off that division, sell off those assets, load up the spin off with debt kind of leader.
Do you endure the same difficulties as your team? If you cut their pay, did you cut your pay (Like, really cut it, not just stop the stock options)? Are you transparent with them or do you just like buzzword bingo?
You see where I'm going with this.
Are you under pressure as we wind our way through the final quarter of the year? How are you handling it? Do you lead a team? What kind of leader are you? What kind of leader do you want to be?
1___Gannett announces austerity measures
Gannett asks employees for unpaid leave, suspends 401(k) match, and more.: Download emailed memo from Mike Reed — www.editorandpublisher.com
Gannett mandated five days unpaid leave for employees, offered severance for voluntary resignations and suspended 401(k) matching for the employees...
There’s no doubt that our legacy news organizations are under extreme pressure. Years of consolidation, declining advertising revenue, shrinking readership have put Gannet into a terrible position. Will they manage to survive?
Our news orgs need to be healthy but what will happen to the USA Today publisher will depend on how the company responds to these challenges and how their leadership, well, um, leads.
2___5 strategies to "Recession Proof" your business
INMA: These 5 strategies can help recession proof your ad business — www.inma.org With all the talk of the economy and a possible global recession, here are five ways news media companies can secure their ad revenue streams.
Most of these strategies are common sense, but they do bear repeating. I’d add that all too many smaller and medium sized publishers don’t seem to do enough to leverage their newsletter and social audiences. But let's not pick on them because of this. Resources, like time and money, only go so far.
On a more personal note: It’s interesting that all of a sudden there are a lot of articles out there about a “recession” coming. Further evidence, in my humble opinion, that sometimes if you say something enough, it comes true. But then, I’m very skeptical about most “advice” from “economic strategists.” That's probably because most of their advice seems to revolve around not ordering Starbucks, canceling your Netflix account, and performative outrage over $28.00 Taco Bell lunches.
3___Heavy Metal Magazine signs partnership deal with Whatnot e-commerce
Heavy Metal Inks Publishing Partnership with Whatnot — www.publishersweekly.com Startup ecommerce platform Whatnot is expanding its reach into publishing, announcing a new partnership with the celebrated science fiction/fantasy comics publisher Heavy Metal in a wide-ranging agreement announced at this year's New York Comic Con.
This is the kind of story I like to come upon. I've long followed Heavy Metal Magazine both as a Sci-Fi/Fantasy fan and as a representative and consultant to several of its competitors in the past.
The deal will firm up the publications distribution into the comic book scene, and the book trade.
4___UK art magazine Elephant to fold unless new owner is found
British art magazine Elephant to fold after publisher pulls funding — www.theartnewspaper.com The magazine and digital platform, founded in 2009, often led critical art debates on race, sex, class and gender, but will now close if a new owner is not found
This is the kind of story I don't like to stumble upon because Elephant is a magazine that I've also been aware of for some time. The thirteen year old title was purchased by international art distributor Colart in 2017. The current owner is pulling funding and the magazine will cease at the end of this month unless a new owner is found.
Hey, you want to publish an art magazine? I know you do!
5___Not in Singapore: Vogue Singapore's publishing permit shortened for promoting "non-traditional families"
Vogue Singapore’s permit shortened for featuring nudity, promoting 'non-traditional families': MCI - TODAY — www.todayonline.com
SINGAPORE — Fashion magazine Vogue Singapore has been issued a stern warning and its distribution permit duration halved for featuring nudity and promoting "non-traditional families"
The island nation of Singapore is famous for its clean streets, buttoned up culture and stern control of the national press. So this one strikes me as a "Shut up and just show us the pretty dresses" kind of journalism.
Which makes me wonder what the underground magazine press in Singapore looks like. Pretty amazing, I would guess.
And now, for your moment of "Magazine Zen"
Well, that's all I have for you this week. I hope you enjoyed this newsletter. If you did, please consider giving it a boost by clicking “Like” and then subscribe. You’ll get a brand new release in your email in-box every Tuesday.
If you’ve got a question or comment, please drop me a line. I'm always just a click away at joe.berger@newsstandpros.com.
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May your week be free of pressure and may you never, ever, order a $28.00 lunch at Taco Bell!