The 15-year-old fashion magazine Lucky has been confirmed to completely stop the paper-printed version. All the paper-based employees have been dismissed on Monday, leaving only digital media positions and will go all out to focus on digital media.
Lucky magazine originally belonged to the Condé Nast Media Group and was transformed due to operational difficulties. According to WWD data, Lucky lost 15% of its newsstand sales in the first half of 2012. In 2008, Lucky had an average of more than 1,500 pages per issue. In the latter part of 2012, there were only 894 pages left, a 20% decline for the whole year. It is one of the magazines with a large decline in the industry. Judging from the number of magazines' important revenue-generating advertising pages, the number of advertisements in September this year plummeted 34.3%, from 137 pages in the same period last year to 90 pages. This magazine for young readers was once shut down by rumors.
In fact, as early as 2013, Condé Nast has decided to change its business model and introduce e-commerce. In August 2014, it merged with American e-commerce BeachMintInc. to become the e-commerce and publishing company TheLuckyGroup, and in February this year established luckyshops.com as an e-commerce platform, Condé Nast Group holds a majority stake in the company.
On April 24 this year, Women's WearDaily (WWD), which has a 105-year history, also announced the same news. The Women's Daily was originally owned by the Condé Nast Group. It was sold to PenskeMediaCorp with its parent company Fairchild Fashion Media last August. At the time, the Women's Daily was losing money.
In recent years, Condé Nast has been streamlining the Group's business. In October last year, it announced that about 80 people were laid off, accounting for less than 10% of the total number of the group, mainly employees of the advertising sales department, which was a large-scale layoff in 2012.
At that time, the Group’s advertising revenues were declining. The September issue was an important publication for the whole year. Vogue had only 631 pages of advertisements, a 4.5% decline from the previous year’s 661 pages. The TeenVogue performed very badly, with a drop of 33.9%. Last year, 165 pages fell to 109 pages; Glamour fell 4% to 215 pages; Vanity Fair fell 1.9% to 232 pages; GQ was basically flat at 203 pages, W was slightly better, with a 5.2% increase, Traveler rose 15.2% .
Under the technological innovation, traditional paper media is facing transformation. Under the high cost pressure of paper printing, paper media has to cut off staff, reduce the number of journals, and turn to digital platforms to open source and reduce expenditures. Adding e-commerce business is also the work of most fashion media. ELLE magazine under the Hearst Group also has an e-commerce business. At the end of April, style.com also announced news to transform itself into an e-commerce business.
As early as 2011, style.com editor Dirk Standen said in an interview, "If you look at the future, it is not enough for any media brand to rely on one medium. Even on the Internet, you can't just There is only one website that you must learn to appear on a variety of digital devices, social media, and content must be seen in more places."
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