Tough Times Continue for Business Magazines

Forbes magazine announced yesterday it is facing more layoffs in an attempt to cut costs. This is the latest in a string of other cost-cutting efforts due to dramatic ad page revenue decline.

Unfortunately, Forbes' story is a familiar one in the business magazine category. Fortune magazine recently announced it is cutting its number of issues--from 25 to 18 per year; McGraw-Hill just sold its 80-year-old BusinessWeek to Bloomberg; and Conde Nast's Portfolio closed in April.

In his internal memo announcing the layoffs, Forbes CEO and Editor-in-Chief Steve Forbes said of the magazine's struggles, "Media is profoundly being transformed. The traditional ways we created and disseminated content and generated advertising revenue must rapidly evolve.  Innovation is critical.  On the editorial side, we will maintain the essential strengths of Forbes while also deepening our relationships with our community.  On the advertising side, we are making shifts to fully meet marketers' evolving needs."