It’s not just in Australia that magazines are witnessing job and budget cuts, mass media company Condé Nast is also feeling the pinch - leading to a reevaluation of budgets across magazine titles.
With poor results for the first half of the year due to a mixed retail environment and sluggish US economic recovery”, the company is asking all publications to tighten up their budgets regardless of their results. This has seen a hiring freeze throughout the US summer unless there are special circumstances called for, according to WWD.
A Condé Nast insider has revealed that advertisers have pulled back on pages due to having fewer dollars available, leaving the company behind on budget plans.
Those magazines that are not on track to hit internal projections have been asked to start correcting their budgets, with each magazine’s cost-trimming instructions specific to their 2014 projections.
It has also been found that magazines with negative first-quarter ad sales witnessed a similar trend in the second quarter.
