79 Years old Newsweek no more… but goes digital
It is a sad news for the readers of Newsweek, one of the most internationally recognized magazine brands in the world, will cease publishing a print edition after nearly 80 years. The decision to go all-digital, disclosed in a blog post on its companion website The Daily Beast, is indicative of the shift to media consumption on digital devices such as tablets and mobile phones and underscores the problems faced by newsweeklies in an increasingly commoditized, 24-hour news cycle.
The final print edition of the weekly current affairs magazine will hit newsstands on Dec. 31. “We are transitioning Newsweek, not saying goodbye to it,” Tina Brown, editor-in-chief of Newsweek Daily Beast Co, and Baba Shetty, chief executive, wrote in a post on the Daily Beast website recently. The move was not unexpected given both the macro changes affecting the magazine industry and, more specifically, the comments made in July by Newsweek’s owner Barry Diller, head of IAC/Interactive Corp, about transitioning it to a digital-only format.
Plans calls for the magazine to become a subscription-based digital publication re-branded as Newsweek Global. Its current 1.5 million subscriber base- a decrease of 50 percent from its one-time peak of 3 million- will be given access to the digital edition. Some of Newsweek’s content will be available for free on the Daily Beast, which itself is entirely free and advertising-supported.
Newsweek isn’t the first current events magazine to go all-digital – U.S. News & World Report made the move in 2010.