I recently had the pleasure of interviewing two of the most influential forces in publishing today: Cathie Black of Hearst and Jane Friedman of Open Road Integrated Media at the Publishing Business Expo. We spent an hour talking about the impact of digital on the book and magazine industries and both Cathie and Jane were immensely impressive. To open our session entitled Reinventing Today’s Publishing Company, Cathie and Jane each spent 10 minutes in their opening remarks. Jane presented the 4-layered “cake” that is the structure of Open Road, and Cathie played a video and followed it up with an overview of the goal behind the massive effort that will roll out behind the campaign entitled “Magazines, The Power of Print.”
After she played the video Cathie said “We don’t have a print problem in magazine publishing, we have an advertising problem.” I couldn’t agree more.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=7f294007-58de-47c9-874c-bde45df918d3)
Mike Shatzkin
on Mar 15th, 2010
@ 12:38 pm:
Brian O’Leary (who knows magazines the way you and I know books) wrote a great post on his blog about how the mags have built these huge and costly rate bases so that they’re getting killed on their print fulfillment at the same time the ad market tanked. Unfortunately for them, print advertising is a form of “broadcast media” that isn’t particularly “careful” about whom it hits (unlike a targeted Google message) and brooks almost no “response” (as in click-thru.) So magazine publishers committed themselves to selling print ads just ahead of watching the business really tank.
I think the poor magazine publishers have already bought a lifetime supply of lemons. You’re right that lemonade won’t sell as Diet Coke, beer, or Pinoit Noir, but I’m afraid they don’t have a lot of choice.
Glad Black Plastic Glasses is back in the saddle and proud to be delivering the first comment of the new era.
[Reply]
Evan
on Mar 15th, 2010
@ 1:18 pm:
Thanks Mike – I am always flattered to be in your company!
I agree that the magazine folks are indeed in a pickle and its not one they necessarily caused – Madison Avenue sold the world on display advertising and the rates just grew from there.
While they do have great circulation and great audience penetration – but when dollars are too valuable to be be ventured against donuts, display advertising and its lack of direct action-ability takes a far back seat seat to campaigns that pay for performance.
I hope the publishers in the video find ways to take advantage of their amazing brands and build content verticals around their products that bring their customers online. I hope they do it sooner than later as the closing this past fall of venerable magazines such as Gourmet is simply a harbinger of things to come.
[Reply]