The UK magazine induustry has changed drastically in recent years due to a number of factors such as the COVID-19 pandemic greatly impacting magazine sales in shops, however specifically the advancement of technology has been the biggest cause for change due to the repurcussions it has on the popularity of magazines with audiences causing physical editions of magazines to fall in popularity compared to growing online magazines.
The growth of online magazines has caused the revenue of physical magazines to decline greatly and the circulation of physical editions has dropped significantly. The decrease in advertising revenue from physical editions is slightly accounted for by online newspapers but has not matched the heights of advertising revenue that print magazines had before the 2010s and the decline in advertising revenue for print newspapers is steeper than the incline of online newspapers.
Furthermore, consumers of magazines have been spending less on magazines, and the amount of customer spending on magazines has more than halved from £1.4bn in 2000 £669m in 2020. And although the number of newspaper subscriptions is actually rising, it is still a minority and the majority of these subscriptions are for news magazines with a small minority of subscriptions for other types of magazines.
The result of this is that lots of magazines have been closed down from 700 consumer magazines reporting to ABC in 2000 to only 241 in 2020. Mens' magazines and music magazines specifically have fallen drastically by 89% and 90% respectively in just four years between 2017 and 2021
No comments:
Post a Comment