The new online publication will be called Newsweek Global. And advertising has traditionally been the key to print profitability. While Newsweek enjoyed a rebound in ad revenue in the first six months of this year, that recouped only about 2% of the revenue it lost in the previous four years. And there are expected to be 70 million computer tablet users by the end of the year, she said, up from 13 million just two years ago.ĭespite having so much more paid readership for its print version than its digital version, Newsweek's print advertising has been in a steep, steady decline in recent years, plunging by $334 million, or 70%, between 20, according to figures from the Publishers Information Bureau. Related: Twitter to media honchos - We're not the enemyīrown said reaching readers in the future increasingly depends on the digital version, citing a Pew Research Center survey that said 39% of Americans get their news from an online source. CNNMoney and Time are both owned by Time Warner ( TWX). Time, its primary competitor, has a paid circulation of 3.3 million for its print edition. Its paid circulation was over 3.1 million as recently as 2006. Newsweek's print edition had a paid circulation of 1.2 million copies over the last 12 months, while it had only 26,394 paid electronic copies on average, according to circulation data printed in the most recent edition. Shares of IAC were little changed in morning trading Thursday. "What is the problem? The problem is in manufacturing, producing a weekly news magazine, and that has to be solved." "The brand is good," IAC CEO Barry Diller told investors during a conference call on company earnings in July. Losses are expected to rise the rest of this year.
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#Newsweek publishes final print issue free#
Print publications in the US have been struggling to cope with loss in advertising revenue and declining circulation as readers migrate to digital platforms of tablets and e-books to get their news content, which is often free and has been modified to suit the requirements of readers on the go.Īccording to the Audit Bureau of Circulation, Newsweek had a total paid circulation of 3,158,480 in 2001 but this had fallen by half to 1,527,157 in June last year.For its most recent quarter, IAC reported a $7.3 million operating loss from its media unit, of which Newsweek is a major component. The online content was accessible through paid subscription and was available through e-readers for both tablet and the web, with select content available on The Daily Beast Web site. The all-digital publication was named ‘Newsweek Global’ and is a single, worldwide edition targeted for a “highly mobile, opinion-leading audience’’. The venerable US publication, founded in 1933, had said its last print edition would be the December 31 issue before it transitions into an all-digital format in early 2013. Harman, who also assumed $40 million in liabilities, then merged it with Web site The Daily Beast.Īfter being in the print media for 80 years, the iconic US weekly magazine Newsweek had announced in October last year that it was adopting an all-digital format from 2013 as it sought to adjust its business model and focused on expanding its online readership through tablets and e-books. In 2010, Newsweek’s owner, The Washington Post, sold it to the billionaire investor Sidney Harman for a dollar. The magazine had 3.3 million readers at its height in 1991. Newsweek’s return to print is being seen as a positive sign for a magazine that had struggled to survive as more readers switched to online versions of newspapers and magazines to get their news. “We see it as a premium product, a boutique product.”
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“It’s going to be a more subscription-based model, closer to what The Economist is compared to what Time magazine is,” Impoco said. He said the newly published Newsweek would depend more on subscribers than advertisers to pay its bills, with readers paying more than in the past. The magazine expects to begin a 64-page weekly edition in January or February, Newsweek’s editor-in-chief Jim Impoco said in an interview to the New York Times. US current affairs magazine Newsweek, which had ceased publication last year to focus on its Web site, plans to bring back the print edition early next year.