At an HSMAI presentation I gave to the South Florida chapter early last year I was asked about the future of print and broadcast media. I answered that there will always be a place for print, though it will become a niche medium, much as books published by the likes of Assouline and Taschen. And sure enough, in a recent issue of Departures magazine, a news short entitled “Defying the Digital Age, One Issue at a Time” discussed new niche titles that are charging as much as $72 for four issues. Most charge no less than $25 or $35 for two issues a year, so they can profit on the subscription side versus the special deals I’ve been getting from mass market, upscale magazines charging $1 a copy. These new titles include Lucky Peach, the new baby of Momofuku celebrity chef David Chang; Cherry Bombe, featuring beautiful women making gourmet fare; and Man of the World, Alan Maleh’s “tribute to an all American lifestyle, handmade and rough shaven”.
Similarly in broadcast, consider a franchise like TV sports. What is the business strategy of behemoth ESPN? To dominate the field exclusive of the niche channels like golf (Golf Channel), tennis (Tennis Channel), etc. Likely though, that if and when these niches become really big, they’ll buy them out. Let’s see what happens with the WWF’s new wrestling channel.
Blogpost by Karen Weiner Escalera, President and Chief Strategist