Condé Nast, publisher of Vogue, Wired, The New Yorker and GQ is “no longer a magazine company,” CEO Roger Lynch said.
“We have about 70 million people who read our magazines, but we have 300 something million that interact with our websites every month and 450 million that interact with us on social media. Our audience is already telling us that’s not the way they interact with us. That’s been, I think, evident for a while.
“If you’re just an advertising-supported print publication, I think you have a difficult future. Fortunately, for the titles that we have, consumers are willing to pay for it. We actually see print subscriptions growing within our business. What’s under pressure, and has been for a decade or more, is print advertising.
“Being on the cover of Vogue magazine really matters as much as it has ever mattered. We just capitalize on that in other ways besides the magazine, because magazines are a minority of our revenue today.’
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