Magazine Publishers Team Up for Digital Distribution Venture

On the heels of Time Inc.’s digital magazine concept, some of the biggest names in magazine publishing have teamed up to get with the program and possibly save the industry. According to the press release, Conde Nast, Time Inc., Meredith, Hearst, and News Corporation have joined forces “to develop open standards for a new digital storefront and related technology that will allow consumers to enjoy their favorite media content on portable digital devices.”

In what many are calling a Hulu for magazines, the pubs are hoping to create a one-stop-shop where people can come and get their favorite mag’s content that would be true to the look and feel of each individual brand.  Content would also be available through a variety of portals including mobile phones and presumably e-readers.

There is also hope that this new outing will give the advertising arm of the business a much needed cash injection. To date, ad sales have been dreadful at best and abysmal at worse. According to Adweek, Time Inc.’s Q3 advertising sales dropped 22 percent to $456 million. Time Inc. isn’t the only one feeling the pain, TNS Media Intelligence reports that the industry ad sales went down 15.3 percent in third quarter.

So what does the consumer get out of this collaborative effort?

“For the consumer, this digital initiative will provide access to an extraordinary selection of engaging content products, all customized for easy download on the device of their choice, including smartphones, e-readers and laptops,” explained John Squires, the venture’s interim managing director. “Once purchased, this content will be ‘unlocked’ for consumers to enjoy anywhere, anytime, on any platform.”

If it resembles the Time Inc. concept, I have high hopes for this venture. Hopefully the dinosaur that is print media can move fast enough to remain relevant and don’t get bogged down in a big-name pissing contest. Even though its a little melodramatic, the magazine industry needs to own up to the fact that they’re in serious trouble. In addition to new ways of delivering content they also need to have a plan in place to justify the continued exist of the print arms of their business. Tradition and nostalgia are no longer enough to keep reader attention and advertiser dollars.