Today, another New York based magazine shuttered. Conde Nast Portfolio started with high expecations in 2007 (with a cover showing a cityscape in shining gold – just before said city turned to lead) and had recently started to gain real editorial traction. The logic of adding a business publication to the Conde Nast stable of iconic magazines was faultless but the economic cycle turned sour before the magazine had a chance to prove itself.
As with all new ventures those who worked for it had a passion and belief which sold pages and produced copy – just not quickly enough. The harsh reality is that if Si Newhouse can’t launch a magazine nobody can.
The economics of the publishing world are being turned on their head and someone had better come up with a more robust revenue stream which MUST include the final consumer (and not only advertisers) paying a fair price for content.
Everyone benefits from free content by unpaid writers but the same is also true of content which is not free and which has been generated by paid writers. Indeed the two co-exist.
We just lost a great magazine.