The Irrational Marginalization of Magazines

by Rebecca McPheters
April 14, 2008

At the recent 4As Media Conference, David Verklin posed the question: “Are magazines in decline?” David is not alone is questioning whether or not this is the case – and the fact that the question is being posed by one of the smarter people in our business is cause for real alarm.

Magazines are almost singularly robust in their continuing ability to provide audiences which are not only increasing in size, but uniquely engaged. Why then do advertisers question the on-going viability of this medium, and why has the industry been unable to effectively communicate its strength to advertising and agency executives? The fact that magazines are becoming stronger vis-a-vis other media in their ability to reach and engage consumers has done little to protect them from the financial damage ensuing from their increasing marginalization by advertisers – and from consumers’ rising expectations that content is not something for which they should have to pay.

As other media have become increasingly fragmented, magazine audiences have become larger – even before taking into account the extended reach resulting from the expansion of magazine brands across other platforms. An analysis of MRI pocketpieces shows that, on average, adults are reading a larger number of magazines now than they were in 1998 – 6.3 vs. 6.0 – and audiences of consistently measured magazines have increased on average by about 12%.

Interest in new media appears to have blinded advertisers to the requisites of effective advertising. As electronic media have become increasingly fragmented, ever-larger amounts of time and money are being spent in pursuit of ever-smaller audience segments. Advertisers, agencies, and even publishers have become active participants in this trend. As if that were not enough, new media is often held to exceedingly low standards in terms of its ability to deliver advertising that consumers will actually see, and with which they will become sufficiently engaged to possibly respond. Yet advertising requires meaningful exposure to offer even the opportunity of effectiveness – and for marketers who are dependent upon larges bases of potential customers, reach of those customers should still be paramount.

Magazines have the dual advantages of offering both substantial reach and high levels of engagement. For advertisers whose objective is to drive consumer demand for their product, these are essential components of advertising effectiveness. As both of these qualities become increasingly elusive, the time is overdue for advertisers and publishers to recognize the role that each plays in advertising effectiveness.

As the ways in which consumers relate to media change, it is incumbent on all marketers – including media owners – to understand the changes that must be made to maintain or enhance their relationships with their target audiences. But new media must be put in context in terms of its ability to reach and engage consumers – and to sell the products being advertised.

While sea changes have occurred in the consumption of many media, magazines remain a remarkably consistent and effective way to reach sizable audiences which are not only demographically desirable, but engaged with both the publication and its advertising. In their efforts to be responsive to advertisers and to transcend the stigma of their association which “old” media, many publishers now seem to assign diminishing importance to their core assets. Diversification is good and arguably long overdue. But it is important not to lose sight of the fact that the true value of any medium lies in its ability to deliver desirable and engaged audiences to advertisers’ messages. Publishers must not neglect their core medium - which has tremendous and growing consumer resonance. The future of magazines is not new media. It is magazines.

Rebecca McPheters is president of McPheters & Company a consultancy specializing in issues related to media measurement.  You can contact her at rmcpheters@mcpheters.com.