Is your favourite magazine closing?
On Tuesday, Bauer Media Australia announced that it was closing eight of its magazine titles due to the ongoing impact of COVID-19.
Affected titles include Harper’s BAZAAR, ELLE, InStyle, Men’s Health, Women’s Health, Good Health, NW and OK!
Bauer temporarily paused these publications in May due to the significant impact of travel restrictions on transit-reliant titles such as NW and OK!, and declining advertising revenue to support Harper’s BAZAAR, ELLE, and InStyle, as well as Men’s and Women’s Health and Good Health.
Bauer Media chief executive Brendon Hill said it was a challenging time for media companies.
““We, like many other media companies, have deeply felt the impact of COVID-19,” Mr Hill said. “The reinstatement of these titles and teams was always dependent on the advertising market bouncing back and the return of domestic and international travel.
“Despite promising signs from advertisers in recent weeks, this has not outweighed the medium term outlook for these titles.
“Additionally, with a second lock-down in Victoria and minimal travel, it is not feasible to sufficiently distribute NW and OK! without transit channels.
“The financial impact of these factors and the ongoing economic uncertainty makes the return and sustainability of these titles no longer viable. We have been forced to reset and future-proof the business like all of the media industry has.”
Is your favourite magazine among the eight titles that are being shut down? Do you still read magazines? Is there a future for the magazine industry?
Mainly I read magazines is if I am in a waiting room but have been know to buy one if I am travelling long journey on a train.
For my craft work I borrow them from the Library.