There’s hype—and then there’s reality.
As the magazine publishing industry suffers through one of the worst advertising downturns in history—and newspapers simply struggle to survive—separating out what’s cyclical (the recession, it’s hoped) and what’s secular (readers and advertisers purportedly fleeing for the internet) has become more complicated than ever.
There was, in recent years, the theory that the internet would destroy traditional media, grabbing all the marketing dollars for Web display ads, social media, iPhone applications, or whatever the most recent gadget was. In more flush times, the picture actually varied significantly. While newspapers saw their comparative advantages largely displaced by technology, magazines benefited from appealing to niche audiences, and high-end glossies thrived by offering luxury goods advertisers access to affluent customers. (continues at Portofolio.com)