The downward trend of hard copy magazine sales started in the first half of the year, and the trend is maintaining its slide. Single-selling magazine sales have dropped 10% from a year earlier, according to the Alliance for Audited Media, and it was recently reported that newsstand sales fell 8.2% in the second half of 2012.
“The report is basically a continuation of what we’ve seen over the last few years,” said Neal Lulofs, exec VP at the Alliance for Audited Media. “Digital circulation, which is a small segment overall, is growing quite rapidly. Clearly, people are buying and reading magazines on tablets. At the same time, declining newsstand sales has been fairly consistent.”
The top 2 digital magazines in circulation include: Game Informer magazine with 2.9 million, and Reader’s Digest with 292,000. In addition, popular magazines like Hearst’s Cosmopolitan have single-copy sales of more then 1 million, which is a 24% decrease.
John Loughlin, the executive vice president and general manager of Hearst Magazines implied Cosmo’s readers of young women have begun to convert to online resources—an increase of 33% from last year, to be exact. Mr. Loughlin said. “We feel good that we have happily found and are building a third channel of circulation and that gives the magazine industry more stability and more opportunity.”
There are several benefits to offering a digital magazine, and some benefits include: greater circulation and subscription potential (global audience), high brand exposure, and highly targeted opportunities through emails sent directly to the target audience. These benefits also generate benefits for the reader, which include: accessing the magazine anytime and anywhere, downloading now and reading later, easy to use, and easy to save.
With digital platforms, companies are quickly realizing that their outreach can improve mightily with the opportunities available. That’s why there’s a massive change in the magazine industry. Going digital also reduces additional charges with printing and is more eco-friendly.
Of course, companies care about saving money and having their brand become as visible as possible. The utility of the digital magazine, bringing content across multiple platforms, advertisements are no longer chained to the binding of a magazine, they can truly be everywhere.
With the growing field of digital marketing, several brands are merging their capabilities to the online world. Digital magazines are just one of the many fields converting to digital marketing strategies.