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Newsweek to end print edition
Friday October 19, 2012 10:29:16 AM,
IANS
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London: Newsweek, one
of the most globally recognised and longest running magazines in
US history, has announced to end its print edition after nearly 80
years.
Due to the "challenging economics of print publishing" it has
decided to become an internet only publication, the Daily Mail
Thursday quoted its editor Tina Brown as saying.
Staff have been warned there will be redundancies ahead of the
final edition Dec 31.
The decision brings to an end the publication of a magazine
founded in 1933 with financing from the son of industrialist
Andrew W. Mellon.
In recent years, the magazine has struggled with declining
advertising revenues.
In 2010 Newsweek merged with news and culture website The Daily
Beast and last year the print edition underwent a redesign in the
hope of bringing in more readers.
The digital version, called Newsweek Global, will be available on
the web and e-reader and tablet format on a subscription only
basis, with some content made free.
In her statement Brown said: "Exiting print is an extremely
difficult moment for all of us who love the romance of print and
the unique weekly camaraderie of those hectic hours before the
close on Friday night.
"But as we head for the 80th anniversary of Newsweek next year we
must sustain the journalism that gives the magazine its purpose -
and embrace the all-digital future."
Newsweek's announcement came on the day that a report from the
Interactive Advertising Bureau said that online advertising
revenue could be about to surpass that of print.
The study found that in the second half of last year, websites
brought $16.8 billion in ad revenue meaning that the total for
2012 could be $35.8 billion, the Mail said.
Print advertising is expected to fall to $34.3 billion over the
same period.
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