According to the annual State of News Media journalism report, magazine revenue have been declining tremendously since 2007. Magazines rely heavily on advertisements but with growth in technology, the fate of ads in magazines is uncertain. I think its important to focus on how and what ideas magazine companies have been coming up with to increase revenue on how to get consumers to buy the magazine, which will piggyback new revenue stream idea for ads in magazines.
In a blog written by Amanda Lucci, New York Mag Picks New Revenue Stream, she explains that magazine companies like the New York Magazine have decided to move the classified sections from the back of the magazine to the front, therefore people will be able to see opportunities they could participate in as soon as they open a magazine. This idea was incorporated by placing dating websites in the front of the magazine, which promoted a growth in the dating website being advertised. Another idea that has been added to pick up revenue stream for print magazine is creating DVD's with archives of magazines from years ago. The article, Repurposing Magazines A New Revenue Stream, explains two magazines that are in the process of being transformed, which include Playboy and Rolling Stone. These two ideas for creating more revenue in the magazine industry are not the only ideas but have caused great shifts in the content of what magazines produce. Magazine companies are now requiring to hire a web designer and a good publisher to work together to create both print and digital apps, according to an article published in Forbes.
The future of magazines looks a bit grim but to increase the revenue stream, I believe magazines should package their products differently. In other words, I think a way to boost revenue is to put a code on the back of every magazine to type into your electronics where you then can download a free copy of that issue you just bought, therefore you have a digital copy and a hard copy. What happens if someone decides to buy a digital copy instead? Well, the same option is presented to the consumer you will pay the same price you would at the store and the magazine will be sent to you in the mail. This could be one way magazines could increase their stream of revenue.