Conde Nast has laid off staff and cut production as the economic downturn hits the magazine publisher. The company publishes a number of well known magazines.
The economic downturn has a long reach and even industry standards are feeling its grip. Conde Nast is a publisher of a range of well known magazines and online properties such as Vogue,Wired and the New Yorker.
Conde Nast has laid off staff and instituted a cut in payroll and nonpayroll budgets by 5%.
Magazines facing the biggest changes include Men’s Vogue, which will go from 10 issues a year to 2, and Portfolio, which will shift from 12 issues to 10 per year and have its online production outsourced to Wired Digital. Staff cuts at Portfolio are said to be 20%, or 32 members of staff.
The recession has hit the magazine industry hard and it appears that Conde Nast may have taken the toughest blow. Condé Nast has four magazine titles featured in the list of top 10 declines for January.
In addition, advertising in Wired was down 47% over the same time last year, Architectural Digest 46% and Vogue and Lucky both down 44%.
"They are having the worst year of any publisher," said one rival executive who once worked at Condé Nast
"They are overstaffed and overpaid. They should have cut back 20 percent when they cut back five," this person said.
There is only one magazine in the fold that is showing a rise over a year ago: Golf World, a small circulation weekly, is up 16.5 percent through the Feb. 23 issue.