Time and Newsweek struggle to remain relevant to readers and advertisers. The WSJ reports on latest Newsweeks job cuts of 111 jobs cut including older and higher-paid editorial help. The goal is to cut costs and invigorate the publication.
Newsweek is trying to recover by boosting the new hold and covering things more seriously. Time shifted is publication cycle to Friday from Monday.
The competition isn’t just cable news and the internet. It’s also the Economist magazine:
In 2007, the Economist newsmagazine, published by U.K.-based The Economist Newspaper Ltd., saw an 8.5% increase in advertising pages compared with 2006, according to the Magazine Publishers of America. By contrast, Newsweek’s advertising pages dropped 6.7% and Time’s fell 6.9%.
But long term the biggest threat is indifference.
At a recent speech at Columbia University, Mr. Meacham delivered a blistering response after he asked who reads Newsweek and none of the 100-odd students in attendance raised their hands.