Business to business publications have typically escaped previous recessions unscathed. Unlike consumer magazines, these publications are not subject to the whimsy of a causal, fickle market place. They have a core audience that, while is may not be large, is typically loyal. This is not quite the case in our current economy though.
This week b-to-b publisher Cygnus Business Media laid off 6 percent of its workforce, and suspended publication of two photography titles reports Folio. Rumors are also circulating Entrepreneur Media will be reducing its workforce though no official comment could be obtained. Using information from a reliable source, Folio ran the names of two top tier executives that, according to their source, were let go, and they estimate that the remaining staff numbers roughly 15. None of this is officially confirmed as of yet.
As as we reported on Wednesday, Forbes cut 50 employees in their second round of layoffs. Though not officially a b-to-b publication, Forbes has always spoken to both the consumer and business audiences. This is just a further indication that business publications are suffering just as much as consumer publications in this economic climate.
Other b-to-b publications that are undergoing change right now include Milo Media, which saw six staffers, including several publishers, walk out last week to open a competing publishing company.
In addition Edgell Communications, which produces titles such as Mobile Enterprise and Apparel, are reducing salaries company wide and cutting benefits. “The salary reduction was a proactive decision based on the high degree of uncertainty,” an Edgell told Folio.
This is certainly a chaotic time in media. The only thing that can be relied upon right now is that change is afoot.
Publish date: April 2, 2009 https://stage.adweek.com/digital/b-to-b-suffering-same-troubles-as-consumer-publishers/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT