An interesting article from Aug 2022 …. Charted: How has the UK consumer magazine industry evolved? Two decades of change – https://pressgazette.co.uk/publishers/magazines/uk-consumer-magazine-industry-charts/
Some extracts, with my bold…
Print is still a significant medium for many but has been in long-term decline, with digital editions and subscriptions for the most part not making up for this drop in sales.
“You would struggle to find a large publisher that would even describe itself as being in an industry called ‘magazines’. These businesses now think of themselves as passion businesses, hobby businesses or audience businesses. “That’s completely different to how these companies were seeing themselves just ten years ago, where they would have described themselves as magazine businesses that are trying to diversify revenue streams into other areas.”
Like all publishing sectors, magazines have been hit by sharp falls in print advertising revenue, while digital advertising spend has been monopolised by tech platforms such as Google and Facebook.
In 2000, some 1.6 billion magazines were circulated in the UK. Last year, that number was down to 565 million. This is based on analysis of the total annual number of print and digital magazine copies and subscriptions by titles reporting to the Audit Bureau of Circulations (ABC).
According to McCabe, verticals where consumers can easily substitute the content once found in a magazine with a newer online source are the hardest hit.
“The UK never really had a magazine subscription focus. Newsstands have been so central to the way the industry worked for 100 years, which distinguishes it enormously from almost every European country and the US,” said McCabe.
It looks like the writing is on the wall, or these days, on the web.
Since Mortons already have digital versions of their print magazines, I imagine they are prepared for when the tipping point of insufficient hard copy sales being financially justifiable is reached.
I do still like a physical magazine, but a digital version is almost as good, takes up no space, is never misplaced etc.
Ches