New York magazine will be contracting. The magazine announced the changes on Monday. The number of print editions will decrease by 31 percent, from 42 to 29 covers starting next March.
A sizeable increase in online readership (which has gone up 40 percent from 2012, according to the magazine) and declining advertising revenues are among the chief reasons for the shift in strategy.
“Company executives confirmed the magazine lost around $1 million this year,” according to a report on the New York Post’s website, which added: “Prior to the financial meltdown in 2008, the magazine was routinely pulling in 3,300 ad pages a year. This year the print edition will barely be above 2,000 ad pages.”
From March 2014, the company says the issues of New York that are printed will contain 20 percent more content, including a new fashion section The Cut, and more columnists writing about Hollywood, sex, and business. The magazine will also contain more visuals than it has in the past.
In addition, the magazine will refine and revamp its online coverage. According to the announcement, new advertising opportunities will be introduced, and the magazine’s mobile applications will see significant upgrades. The magazine expects to hire 15 new staff members for its online operations as well.
For subscribers, the price per issue will increase; but according to a report on Adweek‘s website, the $29.97 subsciption will not change. The newsstand price will increase from $5.99 to $6.99.
New York Publisher Larry Burstein told Adweek he expects the magazine expects to save close to $3.5 million from the frequency cuts.
Furthermore, The New York Times reported that Burstein told them the magazine’s digital revenues have increased by an average of 15 percent each year, and that this year they are expected to exceed print revenues.