Print is alive and well, despite the abundance of whispers still asking the question. Over the past decade, the magazine industry has seen huge shifts in business, due to innovations in online and digital media. However, no matter how big the shift has been, print remains vital to the industry, and will continue to be for the foreseeable future. Here are the reasons why!
Revenue matters, and print is still the breadwinner:
Advertisements from print were responsible for over $16 billion in revenue in 2016 (PricewaterhouseCoopers, commonly PwC). Around 87% of revenue related to circulation that year was also coming from print products.
Digital publishing has allowed for lower start-up costs for new publications, but the stream of revenue is not there for most. Only a select few, with the right niche topics and an abundance of alternative revenue streams (subscription video, social media advertising, tiered content strategies, other products, etc.) have found themselves extremely profitable with an all-digital publication. Most end up closing shop or integrating print just to balance the scale.
That said, to quote the president of Meredith’s National Media Group: “… print and digital; not print or digital. In today’s industry, balancing both is the key to success.
Data for print ROI has come a long way:
One of the biggest appeals of digital marketing and advertising is the ability to track information on a very precise level, or it used to be. With so many fake accounts and bots and other mechanisms, digital analytics related to sales or chain-of-purchase, or even just page views, is now incredibly hard to make accurate.
This does not change the fact that realistic data can be a huge asset. That is why so many publishers have worked to develop data algorithms that help prove ROI, track actual chain of purchase, and other vital details specific to print publications … and it is now a reality.
Bauer Media is one of the leaders pioneering print data analytics. Their software provides research data about advertisement and readership as a whole to help show advertisers how ads can help them meet their goals. The result is that Bauer makes ¾ of its revenue from print, and is thriving in today’s market.
Frequency and newsstand dates make a difference:
Digital publications, and online content producers in general suffer from online audiences expecting constant, consistent new stuff. As publishers strain to pump out content, they shift their focus from quality to quantity.
Print publications have a much lighter expectation for content, with weekly, monthly, quarterly, or even annual releases being perfectly normal. Not to mention, the slight variations in how often, and when it goes to actually producing the publication, can make a huge difference in dollars.
Vanity Fair is a great example of this. They combined December and January issues into a “holiday” issue, and also fused July and August to make a “summer” issue. This adjusted their schedule in the newsstands by just a few days, but meant saving a lot of money in printing costs. It also allowed them to have a flexible issue that they release in February related to the award show. It is not part of the normal print schedule, so it can fit in wherever is most affordable for their printer.
For digital publications, adjusting distribution makes little to no monetary change outside of the cost to produce content within a certain timeframe, and the staff needed to do it.
For more detail on these facts about print and more, click here. You can also check out this article about 4 major reasons print is still around in a digital age.
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