I have a theory about magazines.
I’m not anti-magazines or printed media just because I’m a blogger, but, the fact is people are buying fewer magazines and newspapers and the younger generation hasn’t grown up with the habit of paying money for magazines or printed media.
Left ChicGeek Records - You spin me write round, baby, write round...
Many people, especially in the big cities, are happy with the free printed copies they are given. Publications have gone free to increase circulation and this impresses the advertisers, but anybody who has seen the piles of uncollected Evening Standards at the end of the day will realise that many of these numbers may not ring true.
Even some of the free ones, in a crowded market, are closing - see the men’s free magazine, Coach, which announced it was going online only last week.
People only have so much time and inclination to read something instead of draining their phone battery getting the same information the day before. What will happen to the numbers of copies picked up with increased wifi and internet speeds on public transport, I wonder?
Anyway, records sales hit £2.5m last week compared with £2.1m for digital, with the surge partly attributed to Christmas gift buying. Vinyl has also experienced eight consecutive years of growth, despite almost dying out around 2006.
There are many reasons for this. People are streaming music and no longer downloading and the cost of vinyl is much higher than digital music. Also, the older generation who haven’t got used to storing music on computers and downloading, and have a high disposal income, have rediscovered their love of vinyl and have started buying again and not just old, classic albums. Comparing monetary sales skews the results. Obviously sales of digital music is higher in volume than vinyl, but, it’s still increasing and shows the power in nostalgia.
It’s not all hipsters.
Anyway, back to my magazine theory. More glossy magazines are going fold and disappear and I think this is going to only speed up. Many publishers are merging editorial and advertorial teams to reduce costs, but they've been doing this for years and many are leaner than a butcher’s pencil with no fat left to trim. They've been too focused on the bottom line and not on delivering what people want. It's like they don't know what people want, anymore, and have become too advertiser facing.
The industry will hit its own 2006, like vinyl, and then they’ll be a niche revival of magazines and printed media featuring great photography and things you need to touch, feel and see in print. Much like vinyl, selling for £25 a time, we’ll be prepared to pay the going rate for a magazine, which is much more than what we’re paying for it now. What do you say?