After almost 80 years in print publication, weekly U.S news magazine, Newsweek is leaving the print world behind. Today, the magazine’s parent company, The Newsweek/Daily Beast Company LLC, announced that the long time magazine would cease the publication of their print version, in favor of a digital one in early 2013.
What About Print?
Tina Brown, Newsweek's editor and chief, and founder of the Newsweek Daily Beast Company, along with Baba Shetty, CEO, posted on the magazine’s website today. Due to the increasing demand of digital and online media, a decision was made regarding how the magazine should proceed.
Our business has been increasingly affected by the challenging print advertising environment, while Newsweek’s online and e-reader content has built a rapidly growing audience through the Apple, Kindle, Zinio and Nook stores as well as on The Daily Beast,” says Brown and Shetty in the post. “Tablet-use has grown rapidly among our readers and with it the opportunity to sustain editorial excellence through swift, easy digital distribution -- a superb global platform for our award-winning journalism.”
The Future is Digital
Exiting print is an extremely difficult moment for all of us who love the romance of print and the unique weekly camaraderie of those hectic hours before the close on Friday night,” said Brown and Shetty. “But as we head for the 80th anniversary of Newsweek next year we must sustain the journalism that gives the magazine its purpose -- and embrace the all-digital future."
The post continues by saying that 39 per cent of Americans who were polled in a study from the Pew Research Center have said they read their news online. It’s because increase in digital readership, along with the previously mentioned factors that have lead The Daily Beast to make a change that they say will be profitable and beneficial to Newsweek’s readers.
We are transitioning Newsweek, not saying goodbye to it. We remain committed to Newsweek and to the journalism that it represents,” says Brown and Shetty. “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.”
The magazine’s last print issue will be released on December 31, 2012. The new digital only magazine will be renamed to Newsweek Global and will available by paid subscription to those with tablet and web e-readers, while selected content will be available on the The Daily Beast website.