2008: Magazines Ad Sales Plummet As if there isn't enough bad news, 2008 has turned out to be the worst year in decades for magazines, as measured by total ad pages. Through the middle of December, consumer magazines are down 9.4% from last year, according to MIN Online; this compares with a 7.8% drop in 2001. As if there isn't enough bad news, 2008 has turned out to be the worst year in decades for magazines, as measured by total ad pages. Through the middle of December, consumer magazines are down 9.4% from last year, according to MIN Online; this compares with a 7.8% drop in 2001. Worse, magazines do not appear to be headed for a quick rebound like the last recession.
At this rate, 2008's losses will almost certainly be compounded in 2009--bringing two straight years of declines, which will result in more magazine closures and layoffs.
Monthly magazines have seen ad pages tumble by double-digit percentages in the final two quarters, according to MIN Online, and the trend is clearly accelerating. On a quarterly basis, year-over-year declines have steadily deepened from -4.6% in the first quarter to -6.1% in the second, to -11.5% in the third, and finally -13.9% in the fourth. In the last six months, the rate of year-over-year decline has increased from -11.3% in July to -17.7% in December.
Much of this decline can be attributed to the recession, which officially began a year ago, according to a recent analysis by the National Bureau of Economic Research. However, the decline is more troubling in light of recent historical context: 2006 and 2007 were also slow years, with an average year-over-year growth rate of just 1.25% per quarter.
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