1.0 Overview of the consumer magazine market
Over the years, there has been a change in where people obtain their information, news and entertainment. The new technology improvements such as mobile phones, laptops and tablets have changed dramatically the magazine industry. Generally said, consumer magazines must acquire loyal and satisfied customers in order to be successful in the market. Furthermore, the production and success of a magazine highly depends on advertisers and subscriptions. However, the worldwide overview and statistics show that the magazine industry is suffering because consumers are now able to access all the information they need online. “The revolutionary change in the consumer magazine business has been advanced by the now ubiquitous use of mobile devices—smart phones and tablets. It has transformed how people consume media and increasingly how advertisers deliver their messages. It has enabled publishers, helped by offering impulse-driven easy, often free, access to their content and to expand their reach. However, the capacity for instant access of information has clashed mightily with traditional print product circulation sales practices” (Folio mag, 2013). Consequently, “Mintel’s consumer research suggests that one of the key reasons why people who buy digital media now buy less hard copy is that they feel they don’t have enough money for the latter” (Mintel,2013) . Therefore, statistics indicate that the current welfare of the consumer magazine market is at a significant risk.
The diagram on page two shows a prognosis of how print circulation specifically within the UK will change in the next few years. Due to the decline of magazine purchase, publishers and editors are constantly engaging in strategic activities to improve their magazine quality both in content and in appearance. “The transition to digital provides publishers with a wealth of new opportunities to generate revenue, upon some of which they have so far failed to fully capitalize. Targeted advertising, based on a user’s online activities, the integration of music and video content and one-click ordering all provide opportunities for either improving the value of adverts or generating additional revenue”(Mintel,2013). The print advertisements which kept magazines alive have now moved on the internet and thus more and more publishers are starting to rely on other factors in order to make profit. “In spite of an 8% decline in circulation and growing encroachment from the digital segment, the penetration of print magazines has remained largely constant at 62%. However, Mintel research finds that 43% of print magazine readers have cut back on the number of print magazines they read and 40% spend less money on print magazines than they used to. On a positive note, “the print magazine industry could find support from consumer desires to disconnect from technology – 63% of adults view print magazines as a good way to ‘switch off’ and...