Vibe Magazine
According to Gawker (via ByronCrawford via NicoleBitchie), Vibe Magazine may be in financial trouble.
This, of course, is not surprising in the grand scheme of things, economy, publishing biz, etc.
But a commenter on the Gawker story had a very interesting viewpoint.
Chartreuse says:
Here’s the deal.
The audience who would read VIBE are all on the internet reading sites like Allhiphop.com, worldstarhiphop.com, NecoleBitchie.com and the like.
Their online execution has been awful.
Well, that actually makes a lot of sense. We see others in the online hip-hop world discussing whether blogs/sites are preferred over magazines these days, and in general, advertising dollars continue to drain from print and heading online, which can quicken the demise of print properties (and hip-hop sites do seem to be increasing their viability, and advertisers seem to notice… Check NahRight’s recent Mickey D’s ad takeover!). Could this increase in e-street-cred that these sites and blogs are receiving help put the nail in the coffin for Vibe, The Source, XXL, and the like?
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There’s always going to be room for magazines, just not as mucha as a result of the abundance of sites out there. I love Vibe, and it will always be relevant to me.
So why are they dying? It’s simple, magazine advertising has been declining since 2001. And last year (2008) it was way down, as in -11.7% (according to AdAge and Publishers Information Bureau). That is the highest decline ever in one year. The greatest declines were in Automotive; Home Furnishings & Supplies, Financial, Insurance & Real Estate, and Drugs & Remedies. So who’s going to pay, if it’s going to continue? The dedicated subscriber, that’s who.
No doubt this is the result of a significant shift toward online advertising, where most magazines are in fact seeing growth in the digital space. Money continually shifts from one medium to another, with more consumers spending more time online. This reality is driving ad dollars to where consumers are. Also, the analytic data available online far outpace anything available for measuring print readership.
http://blogs.premierstudios.com/blog/2009/01/19/why-are-magazines-dying/
Gerald, good comment, thanks! There are obviously many factors at play, companies have shrinking ad budgets due to reduced revenues themselves, and the shift to online spending plays a part as well. But for advertisers seeking to reach the ‘urban’ crowd, and the age demo of 18-34, they may be finding that the internet can trump print, just as I’m sure many industries who are trying to cater to that group might be thinking. A ‘takeover’ of a prominent hip-hop blog like NahRight could net more views than a (much) pricier ad buy in a hip-hop mag for instance.
Proctor and Gamble, the largest ad buyer in African-American targeted mags according to Magazine.org’s market profile, announced last year it was slashing their ad budget by 10% and aggressively shifting to online buys. This was in March 2008, it’s likely the resulting economic climate increased that decrease.
If a magazine doesn’t have a strong integrated online presence, as the commenter on the original posting above suggested, we could see companies attempt to reach the African-American audience much more via online channels in the near future.
It seems from what I’ve read, niche and local magazines still have the best shot of turning profits, or at least staying afloat. But hip-hop (and related entertainemnt) is no longer niche, so a magazine like Vibe for instance, is surely feeling the pinch as much, if not more, than other mainstream mags.
For hip-hop print to survive, it may require a focused editorial effort, like Ozone Magazine does for instance, technically being a niche publication catering to hip-hop in Florida, and other southern US areas.
While hissip states that they “love Vibe” and it “will always be relevant”, it unfortunately may not continue to be relevant for advertisers, and despite Vibe’s recent press release stating that they are in good shape, the venerable mag may not last much longer if the bad economy and growing shift to online buys continue.