Now 80 years old, weekly news magazine Newsweek has seen its print circulation decline even as the cost to print the hard copy of the magazine rises. With more people turning to the Apple iPad version of the magazine to read it, Newsweek has announced that the print edition will cease publication in 2013 and the focus will be on digital delivery of the magazine. On Thursday, the newsweekly's parent company announced the news on its website with Editor-in-Chief Tina Brown and CEO Baba Shetty pointing out how uneconomical printing and distributing the magazine has become. The pair made a point of saying that the quality of the journalism will not change, only the manner in which readers obtain it will be different for some.
Newsweek over the years
Currently,Newsweek for iPad is the 45th most popular free app for the tablet, although it has received only 2.5 stars out of 5 because of issues like crashes and stories that go missing. With Apple iPad users spending $70,000 on Newsstand every day to read content, a successful digital magazine has the opportunity to make much more money than a printed edition. Besides not having to pay for paper and ink, there would be no need for expensive distribution networks that make sure each issue of a magazine is on retailer's shelves in time each week.
Newsweek's last print edition will be dated December 31st and the new online magazine will be known as Newsweek Global. It will be supported by paid subscriptions and will be available on e-readers for both tablet and the Web. In making the shift, Newsweek pointed out that the number of tablet users in the states will rise to 70 million by the end of this year, up from 13 million just two years ago. A study done by Pew Research shows that 39% of Americans use an online source to get their news.
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Unfortunately for employees of the magazine, the new focus on digital delivery of Newsweek will mean a reduction in staff on both the business and editorial sides, both in the states and internationally.
"It is important that we underscore what this digital transition means and, as importantly, what it does not. We are transitioning Newsweek, not saying goodbye to it. We remain committed to Newsweek and to the journalism that it represents. This decision is not about the quality of the brand or the journalism—that is as powerful as ever. It is about the challenging economics of print publishing and distribution."-Tina Brown, editor-in-chief, Newsweek
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