Global magazine
publishing is predicted to grow between 1% and 0.5% per year up until 2026. Usage
of smartphones and various smart devices contribute to a continued popularity
of magazines through streaming and downloading. By creating more content in
digital forms, publishers can reach wider audiences which improves engagement.
Audiences have made a shift towards digital magazines due to factors such as
COVID, as well as it being an easier, more affordable alternative. Also, the
growing use of interactive advertisements in print magazines is having a
positive impact as audiences are becoming more interactive and innovative,
which is contributing to the anticipated growth.
Despite print
magazines being the most traditional form of media in the magazine industry,
the drop in sales has not been maintained by online subscriptions and digital
editions. The chief executive of the New York Times says the business is ‘no longer
a magazine company’ as their audience interact mainly online through websites
and social media platforms.
Print revenue has fallen by 33% from 2019 to
2020 and has not yet increased. As well as the decline in circulation in the Uk,
which was at 1.6 billion in 2000 but now only 565 million, consumers are also
spending less- £1.4 billion in 2000 and £669 million in 2020. More than half of
the Uk’s consumer magazines have closed, according to the ABC there was over
700 titles in 2000, but this figure has fallen to just 241 last year.
Magazines
have been estimated to have been the cause of over £550 million advertisement
spend in 2022. Each month 76% of Uk adults engage in magazine media, with 2/3’s
reading primarily digital media. A majority of 91% of adults believe in what
they read, meaning magazines publishers essentially have control over their
audience.
