Print Journalism Slide Continues

I’m afraid those of us who make a living from print journalism are deceiving ourselves. The loss of revenue and subscribers continues unabated in an era when most readers don’t want to bother paying for content they think they can find for free on the Internet.

The announcement by Newsweek last week that it would cease publication after 79 years is a case in point. At 1.5 million subscribers, Newsweek certainly has many more readers than a lot of publications going belly up. But the subscriber base has dropped in half in the past seven years and advertising is virtually non-existent. The periodical has been bleeding red ink for years.

But CEO Baba Shetty failed to face reality when he told The Wall Street Journal that Newsweek would gain “hundreds of thousands” of online subscribers at $25 annually during the next year. Currently Newsweek has just 27,000 online-only subscriptions.

Advertisers who shunned the print edition won’t flock to Newsweek’s website. Neither will readers. News has been missing from Newsweek for a long time. Most cover stories these days are first-person opinion pieces with no sources. Newsweek is a shell of its former self, masquerading as a current events resource. 

Nearly all magazines are in financial trouble. My former employer, Christianity Today, last week let go Senior Associate Editor Mark Moring, who had worked for the company for 19 years. I hope the day never comes when CT goes out of business, because it truly provides a clarion voice for the evangelical world.

Pentecostal Evangel, where I now work, isn’t immune from subscriber attrition, although it helps that the magazine is distributed primarily in bulk to churches. Yet not that long ago I had two full-time news writers on staff; now I’m a one-man department.

Magazines must strike a delicate presence between having a web presence with easy-access material combined with marketing their product as unique, valuable and unavailable elsewhere. Our magazine doesn’t put everything online for free that is in the print version, and I think that’s wise.

I rue the day when we have only a few magazines left and professional journalists become obsolete. Our society will be ill-informed if all we have to read are opinion-laced blogs.