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If Gourmet’s closure is any indication, the magazines of the future will be a product of cross-media integration, particularly between print and television. So, many have begun to wonder, what will the future of the magazine business hold? And I’ll be doubly sad because I won’t have Gourmet to tell me what wine goes best with them.” Daniel Gross, “Don’t Make Me Eat My Words,” Newsweek, October 7, 2009. As Gross stated, “f I’m wrong, I may have to eat my words. Yet even he admits that he may be mistaken in his belief that the current downward trend is just a bump in the road. He describes the panic of some who refer to the demise of print media as symptoms of an “irrational depression surrounding print.” Daniel Gross, “Don’t Make Me Eat My Words,” Newsweek, October 7, 2009. Former Newsweek financial writer Daniel Gross-though admittedly biased-believes that the industry will strengthen. Stephanie Clifford, “A Look Ahead at the Money in the Communications Industry,” New York Times, August 3, 2009.
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The following year, media private-equity firm Veronis Suhler Stevenson predicted that magazine ad revenues would stabilize in 2013. Association of Magazine Media, “Clearing up Misperceptions about Magazine Closings,” white paper, August 2009. According to the Magazine Publishers of America, some 7,383 magazines appeared in publication in 2008. Many analysts are hopeful that the magazine industry, with its long, complex past, is simply in a slump. Īlthough this appears to be grim news for an industry that has survived since the 17th century, magazines may not be truly obsolete. Daniel Gross, “Don’t Make Me Eat My Words,” Newsweek, October 7, 2009. The crisis forced the high-end retailers that support Condé Nast magazines to slash their advertising budgets, and the subsequent decline in advertising revenue put the Condé Nast publications in jeopardy. Vocus Research, State of the Media Report 2011: Adapting, Surviving, and Reviving. The magazine industry took a dramatic hit from the financial crisis that began in the fall of 2007, with many publications folding altogether, several moving to online-only models, and nearly all implementing mass layoffs to cut costs. Magazine publishers have been struggling with competition for advertising dollars for years. Although some readers were angry about the sudden print halt, some understood that the closure was simply a reflection of a changing market. Although Condé Nast folded three other publications-parenting magazine Cookie and bridal magazines Elegant Bride and Modern Bride-the elimination of Gourmet received the most attention because of the publication’s long history and popularity.
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The decision came as a shock to many readers who, since 1941, had believed that “ Gourmet was to food what Vogue is to fashion, a magazine with a rich history and a perch high in the publishing firmament.” Stephanie Clifford, “Condé Nast Closes Gourmet and 3 Other Magazines,” New York Times, October 6, 2009. On October 5, 2009, publisher Condé Nast announced that the November 2009 issue of respected food magazine Gourmet would be its last.