Adam McFarland writes that the loss of Fortune Small Business and other business magazines covering innovation that have closed, noting that a void results.
“However, the magazine model seems so flawed that I can’t help but see this as a trend that will continue. They charge essentially nothing for subscriptions (many times $10/year or less) and instead rely on hefty ad rates to subsidize the ever-increasing costs. The model used to be brilliant. You charge to create perceived value – both in the mind of the customer and the advertiser (it stands to reason that people are more likely to read something that they pay for). It’s not working anymore. Magazines are dropping left and right.
“So how do you save that niche? I don’t think that ad-supported blogs alone are the answer. Do you charge for an online-only version? Do you charge more for a print version? Do you just run your business leaner – less writers, less issues (say bi-monthly), and less filler pages with misc news that people already know? Do you run as some sort of hybrid, blogging regularly but charging for a quarterly magazine with more in-depth articles? Something else?
“I don’t know what the answer is, but I’d like to see some people start trying some of this stuff instead of folding or becoming a blog in a niche where there are already plenty of blogs. Especially magazines with a focus on business and entrepreneurship. Come on guys, think outside the box a little.”
Read more here.
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As a loyal subscriber/reader and entrepreneur, I came to rely on this publication for its timely and poignant articles. They truly had their ear to the ground and a pulse on their readership. It is a major loss! I would have gladly paid for this publication if given the ultimatum and i am sure, I am not alone. So my thought to all former employees, after having read the editor's letter is "show us what you have been writing about for years, guys!" Wipe away your tears, grab your cojones, write to all of your former subscribers, raise some money and together with your own savings, start a new and exciting venture! You can count me as your first new subscriber!