Bauer Media recently closed a stable of magazines continuing a trend of magazine closures over the past several years.
So what is the future of magazines, if any? Perhaps the solution can be found in other sectors.
The watch industry went through what was called the quartz crisis – the introduction of the quartz powered watches that left mechanical watch manufacturers thinking their time was up.
They survived by going premium. A timely change of strategy had their utility value became secondary to their artistic and aesthetic value. So decades after the crisis the watch industry continues to thrive (virus effected market conditions notwithstanding).
So can magazines do the same? Bureau favourite, The Monocle thinks so. Not only is it a premium magazine itself, it also has a podcast dedicated to such magazines.
Magazines may go the way of premium watches, what ever policy they take up, it will need to be an innovative one. Keeping the current line will just lead them to their final page.