The London bureau of Time magazine is losing two thirds of its staff as part of the company’s down-sizing. It is expected that 19 of the 28 people employed in London will have gone by early next year. [Roy Greenslade]
November 27, 2008
November 21, 2008
Enders Analysis forecasts that …the UK print ad market will be the worst hit of all media sectors in 2009, down 21%, with newspaper display ads down 22% and classifieds down about 19%… Growth will not return to the print ad market until some time after 2013.
Do you have enough in the piggy bank to last you until 2013?
November 19, 2008
United Business Media has revealed that print advertising is down by more than 20 per cent in some of the sectors in which it operates. [Press Gazette]
And this wonderful quote:
“Engagement rather than reach is becoming increasingly important as customers focus on outcome-based marketing.”
Translated: advertisers want to pay by results – sales, leads, data – not just have your ad team tell them all about ‘brand awareness’, ‘core market reach’, ‘demographic fit’ etc.
So that’s a big downer on page advertising, but also the lazy web sales: banners at CPM, tenancies and so forth.
November 14, 2008
This week can probably be categorised as the one when the publishing downturn went from being an unspecified threat to being tangible and immediate. Take a look at just some of the headlines of the past few days:
- Haymarket cuts 50 jobs across editorial and advertising teams
- Centaur Media reports double-digit revenue slump
- Emap announces 40 job cuts at magazine division
- Investment Week editor among 30 Incisive redundancies
- House publisher Huveaux warns of further cost-cutting
- Time Out to cut 13 jobs in London
We can expect more at Incisive, a large swathe of job losses at Informa, more from CMP/UBM and, despite their bullishness, some sharp losses at Euromoney. And this is before RBI comes into play: if Reed sell it, costs will be slashed, magazines closed and staff laid off; if they don’t, costs will be slashed, magazines closed….
You’ll have noticed that, apart from Time Out, these are all redundancies at B2B publishers. As mentioned before, the closures and the redundancies will start to kick in at consumer titles after the January issues have gone to bed. All in all, it’s going to be a pretty horrid Christmas and a supremely nasty New Year.
November 13, 2008
News from Haymarket, via Press Gazette
Marketing Direct and Promotions & Incentives will cease as print publications and will be “developed as online brands”. The publisher is also considering the closure of Luxury Travel and said it will be consulting with staff and business partners about the title’s future. [i.e. they'll be closing it soon]
Surprise, surprise. They’re controlled circulation B2B mags.
In years to come the sale of RBI will produce a slew of learned articles on how not to manage corporate divestment. So far we’ve got a process that has become hideously extended, plummeting values and near-panic among Reed Elsevier’s big nobs. Until then, the rest of us can only watch and laugh. The latest instalment is in the FT:
Reed Elsevier admitted on Thursday that the sale of its Reed Business Information subsidiary was uncertain because of difficulties in the credit market. RBI … was also suffering more challenging advertising markets.
November 12, 2008
The latest figures from the regional newspaper group Johnston Press might not seem to have huge significance for our industry, but the self-explanatory headline from the Guardian (Property ad revenue down by nearly half at Johnston Press titles) shows why it does.
November 5, 2008
CMP Information has announced it is to begin redundancy consultations with staff at its Built Environment division – publisher of Building, BD and Property Week.
The new CMPi Built Environment chief executive, Adrian Barrick, briefed the division’s 400 staff this morning about the proposed changes, which he said were in response to the downturn in the construction industry.
From Press Gazette
With property sales and new construction at an all-time low and with commercial property expected to tank very shortly, being the publisher of a bunch of titles on, er, construction and commercial property isn’t a good place to be. The CMPi titles have always tried to play catch up with the market leaders and in a publishing slump that certainly isn’t a good place to be.