Unsurprisingly, given Time Out’s recent surrender to the inevitable, Scout London has folded up its tents and gone ‘digital-only’ (that favoured euphemism for ‘closed’).
In a statement Scout said: “Time Out’s plans add credence to Scout London’s business model, but in terms of content and proposition, Scout London and Time Out are very different magazines.” – in that Time Out is still in print and Scout isn’t, presumably.
Just how unpleasant are things going to get at Time Out? The Evening Standard reports that Tony Eliot might have to pony up £3 million to keep the company going, and Media Week has news about a round of redundancies.
In the annual accounts the auditors warn that the group could “require further financing to continue trading” if it fails to meet “forecast trading results” this year or if Mr Elliott does not invest £3 million by June.
The London edition of Time Out had an actively paid circulation of 68,579 in July-December 2007 ABC figures; that had fallen to 55,928 for January-June last year, or nearly 20% off in 18 months. Advertising was reported to be down 30% last year.