Since even before the pandemic, circulation and revenue from print magazines had fallen. The total circulation of consumer magazines in 2006 was 1.6 billion, which fell to 455.1 million in 2020, a decrease of 73%. However, the circulation rates of print magazines are predicted to grow by 0.5 to 1% annually until 2006. This Decrease in circulation rates has subsequently resulted in a decrease in revenue from print magazines where in January of 2023 it was reported that the revenue from print media was £216.9 million.
However, print is not the only way magazine content can be consumed. In 2020 revenue from digital media surpassed that of print magazines at £265 million. Almost two thirds (63%) of adults in the uk consume media from magazines in a digital form, with this percentage set to grow rapidly with advancements in technology and interactive media that co insides with magazines, such as videos and podcasts.
The magazine industry is heavily dominated by the news industry with 57% of all subscriptions being to news magazines; followed by 18% in women's; 8% in Tv listings; 17% In other areas such as sport’s, motoring, leisure and home. However, this large proportion of news magazines is most likely due to the amount of consumer magazine titles being shut down, with the worst affected being men’s magazines with a decrease of 89%, a fall from 32.2million in 2017 to 3.6million in 2021, whilst the circulation of music fell by 90% to 1.8million.
Whilst the decrease in circulation and titles is prevalent advertising still brings in a large income to the magazine industry with £560.4million in ad spend, in 2022. With the largest spenders being Apple, Victoria Plum, Chanel and Sainsburys. This is most likely because of the trust magazine readers have in their magazines, with 72% of readers saying that reading a magazine is time well spent, and 91% trust what they read.
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