Bosacks Speaks Out: Odd things happen at odd and sometimes inconvenient times. For me, although this newsletter always gets out no matter what, sometimes when breaking news happens, there are days that are more convenient than others.
This week I am in Houston visiting a family member in hospice, so since the Time Inc. story broke, I have not had the luxury to read all the prognosticators’ prognostications about the meaning of Life (pun Intended) as I usually would have. So, if what I am about to briefly say has been said by others, well that just means two of us had similar observations.
There seem to be many publishing professionals stressing and wringing their hands at the sale of Time Inc. to Meredith.
First, let me say that few businesses can be successfully run on the fumes of nostalgia. We all loved the old Time Inc. for what it was and what we thought it could have become. Now both the “what” and the “could” are in the past and have been for some time. The magazine industry is thriving and reinventing itself in the here and the now. For many reasons Time Inc. currently is not reflective of where we as an industry are going, but only where we have been.
I applaud the multitude of digital moves made by Time Inc. of late, and had they been spun off as totally independent projects many or all could have flourished and still might. Mostly there is too much historic baggage and too many legacy mistakes, and so we have the sale of the decade. But magazine giants have always risen to peaks and eventually evaporated in corporate smoke, usually with a whimper not a bang. TV Guide comes to mind as do Curtis publishing and many more. Giants in their day, now distant industrial memories.
When I worked for McCall’s magazine in the 1980s, Time Inc. was a Co-owner. Those were the great years when Time was the undisputed leader of the entire magazine industry in all respects. When is the last time that could be said of Time Inc.? I miss the industry leadership and their profound, always on-going experimentation in the magazine business and the supreme search for the efficiency of the product. Time Inc. deserves its place in the halls of media Olympus, but like Zeus and the gang, they are but rumblings of distant nostalgic thunder, fond to think about but forever gone.
For the record I'm on many blogs, threads and various news chains. One of them a few days ago asked a typical but still important question. Where will ebooks be in five years? That, of course, started me pondering several things about the magazine media business. Where were we five years ago and where are we now? And is that perspective an accurate forecaster for the next five years or ten for that matter?
In five years - Ok, shoot me if it is ten - most successful publishing businesses and technologies will morph almost beyond recognition from our traditional heritages with the exception of the one technology that won't be changing any time soon, and that is that words have to be read on one substrate or another.
Let me start with this: in five years, or yes perhaps ten, the media universe will have continued its trajectory away from organic substrates. I ask all the other pundits claiming an affection for print: what will stop the current trends? Nothing really. But I agree with these same pundits that print will always have a special place for some of those who are willing to pay for it. Those printed products that do remain in five or ten years, will be very profitable. Those special interest niche magazines and digitally printed focused publications will have great longevity. As I have said many times, the print survivors will be considered as a luxury item and not an inexpensive commodity product. CLICK HERE FOR THE FULL ARTICLE
BoSacks Speaks Out: I know the author of What does the departure of four top editors say about the future of magazines, Cable Neuhaus. The two of us had dinner a few years ago in New York City, where we exchanged ideas. He is smart, experienced and has great perspective, much of it from longevity on the publishing playing field. He writes a great heartfelt missive here about the magazine business. He says:
"In short, magazines have been my love and my livelihood nearly all my adult life. It affords me zero pleasure to observe their slow, steady decline. I cherish them, but I cannot look you in the eye and pretend that those of us who make and joyously consume magazines are not an abysmally small club these days."
My friend Cable and too many others mistake a change in dominance for death. Loss of dominance is not equivalent to death-it just feels that way. I believe that there are ever-present super opportunities here today and an on-going era of great publishing expansion. That would be the expansion of the media world, delivered by multiple methods to various devices, only one of which is paper. Here is where the disconnect comes from. In the old days - and what guys like Cable and I remember - the traditional publisher owned and controlled his own medium. Whether it was printed paper or on the airwaves, the traditional revenue stream was paid for by the advertiser. The advertiser needed that rare and hard to achieve platform of a large readership that traditional publishers provided. This relationship, which used to pay for everything, has been totally and brutally disrupted. It will, of course, never return to the way it was. Fine, it's about time we got over it.
The truth is that there are hundreds, perhaps thousands, of publishers doing great these days. Admittedly not all, but Darwin allows for this in his publishing handbook. Those that adapt to the business conditions at hand have a great chance of survival, while those who can't adapt retire from the jungle. (Click here for the full article)
I have the privilege of attending about 16 publishing media conferences each year. The shows I go to run the gamut of media publishing enterprises. I attend meetings with editors (ASME), circulators (MBR), and production folk (PRIMEX). I meet with various groups of media professionals such as regional publishers (CRMA, IRMA), large publishers (MPA, IMAG), Digital Book Conferences, and International Conferences (FIPP World Conference). It is by attending these broadly different events that I gather my perspectives on media and deliver the opinions that you read each day.
In most of these events there is a discernable pattern. In some spiritual way most of the meetings open up with a similar chant or mantra. The audiences hum to "print is not dead, print is not dead, oh lord please agree that print is not dead." After that apparently mandatory professional obeisance, the conversations are all about digital processes, digital strategies and new digital revenues.
You've heard me say that I live in the future and only come to the present to give lectures about what is ahead for publishers. There is one show that I go to each year that doesn't follow that mantra trend and is as much a part of the future as I am. It is the Digital Innovators Summit hosted by FIPP and held each year in Berlin. It is by far one of my most favorite events. The agenda there is all about successful digital methodologies currently and actively in place. If you work for a company with vision, get them to send you to DIS. It is an event that I would recommend to any company that wants to see the future of our business in action today. FOR THE COMPLETE ARTICLE CLICK HERE
Samir Husni, aka Mr. Magazine, held his annual ACT 7 conference at the University of Mississippi in late April. The program was a good round up of what is going on in publishing, what our hopes and fears, challenges and opportunities are, and what the most forward-looking publishers, large and small, are doing to create success in their businesses. And on the last day, drawing together the threads of what had been discussed and adding fresh thoughts in his usual outspoken way, Bo Sacks gave his take on it all in a presentation entitled "The Truth About Digital Lies."
Some of the current dialog about magazine publishing, Bo believes, stems from simple nostalgia, a yearning for the grand old days of the past. That's all well and good unless, by looking backward, we fail to look forward, and by remembering what once worked - but doesn't any longer - we fail to move past traditional thinking, we fail to break new ground, and we fail to challenge our own long-standing assumptions.
Because, like it or not, most of the reading public is leaving print behind. We spend more time with digital devices, where we get instant access to any and all information, than we spend with the printed word. Time spent on digital has exploded, from less than an hour in 2010 to over five hours in 2016. By 2021, nearly 90% of all internet traffic will come from smartphones.
A corollary to the reality of this shift in attention is this: attention can be monetized, but publishers are failing to monetize it effectively. The companies making money from the changes in audience attention flow are Google and Facebook. Well over half the digital ad spend goes to Google and Facebook, with no other digital publisher enjoying even 4% of the total revenues. CLICK HERE FOR THE FULL ARTICLE
I have several media conferences that I relish and greatly look forward to each year, and IMAG-MPA is one of the best of them. Imagine what is like for a long-time publishing enthusiast like me to be in a room filled with like-minded entrepreneurs who happen to be in the magazine business. Intoxicating yes? Here we have publishers whose companies range from $5 million to $100 million in revenues, and yet they play very well together regardless of pecking order.
The opening night was a smashing success when we all hopped aboard busses and attended opening night cocktails and dinner at TEN: The Enthusiast Network Headquarters. The TEN building is huge and row upon row of computer work stations almost as far as the eye can see, generating and executing the placement of content in the automotive media sector. TEN covers the automotive in-market and automotive after-market services. Perhaps their most famous tile is Motor Trend, but there are dozens of other media enterprises under the hood at TEN. It was quite a display of energy and success in these troubled media moments.
One of the constant threads of the whole IMAG-MPA event was kicked off by a discussion by Mike Benson, Head of Marketing, Amazon Originals. Right out of the box and continuing for the next few days from many speakers was a conversation about magazine media and video. (I wrote last week that my reaction to the video conversation was that video was of course a revenue thing but not the revenuething for the future of our business depending upon what sector your franchise is in.)
Tuesday morning, Scott Dickey, Chief Executive Officer, TEN: The Enthusiast Network, opened the main part of the conference with an interesting and sober comment. He said, "We know what it's like to be down 21%, but we also know how to survive." Bravo for such honesty in an open forum and, Indeed, TEN is not only thriving but sharing how to do so. Scott suggested that in next few days, "We will share information and we are in some way partners." He went on to say, "This big ideas showcased here is transferable to your businesses." Within reason I think that is correct. Not every idea is transferable to any and all businesses, but with creativity and an entrepreneurial spirit, most good ideas are worth "borrowing" and bending to your own enterprise's needs. CLICK HERE FOR THE FULL ARTICLE
My friend Esther Kezia Thorpe, whom I met in a London rooftop pub a few years ago when she interviewed me, makes some interesting observations here. But I think the survival or death of Airbnb magazine will rise or fall like any other publication: on its excellence or the lack therein and of course the uniqueness of the information provided. There are unlimited travel information opportunities everywhere in print and on-line. What separates success from failure are the rarities and qualities of the information provided combined with the format that the information resides upon. Digital is relatively cheap to produce and to sustain, and it has the advantage of being accessible literally everywhere at any time. Even inferiorly produced printed products, which Airbnb won't be, are quite the opposite as they are relatively expensive to produce and distribute. So, the chance of survivability many times depends upon the expense to produce the product. Hearst is not known for half-way measures, so I expect that Airbnb with have both editorial and production excellence. That doesn't assure success, but it does offer a reasonable chance for one.
Esther states that a possible problem for continued success is the mixed message between the two lead agents in the projects. She points out that: "A far more serious issue at the heart of Airbnb mag is the vast gulf between the two companies' views on the purpose of the magazine. Compare these two statements from Chesky and Coles on how important revenue on the magazine is to them: CLICK HERE FOR THE FULL ARTICLE
For some, Bo Sacks is their guru, consulting on how to affect change in their newsroom. For others, Bo Sacks speaking out may leave them hot under the collar. And for many in the industry, Bo Sacks is an old friend, his newsletter a welcome sight in their inbox every day.Bo runs the world's longest-running journalism newsletter on the internet. He started it in 1993. We're speaking with the man who frequently 'speaks out' on issues, events, news upheaval and other changes in the industry. Bo's career has spanned various facets of the industry. He now speaks internationally, he gives lectures, he travels, he writes, he consults. He reads voraciously about the industry. He attends conferences around the globe to give him a broad range of perspectives and insight on latest, cutting-edge developments.
The first newspaper Bo started was called The Express. He was 19. The Express was a weekly tabloid with a circulation of 50,000 that went to every college in Suffolk and Nassau counties in metro New York. "It was a product of its time," he recalls. "It was pro-pot, anti-Vietnam war, and intellectual. We did that for two and a half years." At the time, he was just fooling around, he says. "I didn't know I started a journalism career. Two friends and I were sitting around one day and one of them said, 'let's start a newspaper,' and I said, 'what do you know about it?' and he said, 'nothing.'
And I said, 'in that case, let's do it."
Thus began his career. FOR THE COMPLETE ARTICLE CLICK HERE
I need your help. I am somewhat, but not totally, mystified by the current ad fraud situation. What kind of industry can afford to lose $7.4 billion dollars in a single year? Next question is what kind of industry knowingly can afford to lose $10.9 billion by 2021? Apparently advertisers can. WTF!
Here is one of the many intricacies in the ad debacle. According to a survey conducted by Advertiser Perceptions Inc., Nearly Half Of Ad Execs Don't Know Or Care About Using 'Fake News,' Big Brands Most Prone as reported by Joe Mandese. Joe went on to report that "Remarkably, the survey, conducted by Advertiser Perceptions Inc. among advertisers and agency executives, found that 7% willfully plan to advertise in -- and 8% said they don't care either way about -- advertising media outlets they deem to be publishers of 'fake' news content."
I have been pointing out to you that the ad agencies are at the root of the problem for years. To me it is simply obvious that commission is the only holy grail, and those with a moral barometer need not apply. It's not that the marketers are not to blame, too, but the real core of the fraud is knowingly, willfully buying into it. CLICK HERE FOR THE FULL ARTICLE
I am in Berlin, Germany attending one of my favorite publishing events, FIPP's Digital Innovators Summit which starts Monday, March 20th. It is a cross-planet collection of modernizers trying to make sense and profit from the still evolving phenomenon we once called publishing. If you ever get the chance I recommend it.
As I sit here Sunday night in The Arcotel John F, my hotel for the next few days, I am reflecting on our businesses. There once was a time when there were rules and an established pecking order. If you were in TV, Radio or Print, you knew the process and the possibilities of your profession. Each method of communication had pluses and minuses, boundaries and well-trodden logical pathways to reach the consumer and make a profit in the process. One might also say there was relative business stability.
What makes the current state of affairs so different is the evaporation of boundaries, rules and stability. There is little distinction between TV, publishing and radio because they are all streamed. Print is obviously not streamed, and that is its problem. It is stuck in an old style world of rules and boundaries while connected, digitized communications are completely free range. For many the nostalgic rules of print are deemed a blessing and satisfying in their permanency, but the old rules also limit print's value to the vagaries of young, inexperienced media buyers and a distracted pubic. FOR THE COMPLETE ARTICLE CLICK HERE