Jessica Dicker of CNN Money wrote today that Gourmet Magazine after 70 years of publication will be shut down despite over 1 million subscribers. In addition to Gourmet, parenting magazine Cookie and two wedding magazines, Elegant Bride and Modern Bride will also be getting the axe.
“The magazine industry is in a difficult position generally speaking, it’s losing revenue to online advertising and it’s a tough business right now,” said Richard Dorfman, managing director of Richard Alan Inc., a financial advisory and investment company focusing on the media industry.
This is futher evidence that online advertising is indeed hiting conventional media hard where it hurts.
