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.