Following my research into the UK magazine industry, I have
discovered how big the industry is, who the biggest publishers are, the recent change
in their market share, it’s evolution throughout the years as well as it’s
predicted growth for the next foreseeable future.
The future of magazines holds an increase in demand for
creative and interactive print. This is amplified due to the diversity of
magazine titles that hold a major focus on education, entertainment,
information and other customer needs. The growth of the magazine industry all
around the world is expected to continue growing by 0.5% up to 1% yearly until
2026. A massive contributor to this stat is the contribution of smart phones
and tablet devices. The increased
availability of high-speed broadband's led to the audience being able to stream
and download content easier, thus becoming more popular. Due to this, various
publishers have been creating content in digital formats specifically for easy
access for mobile users with the hopes of improving customer engagement as well
as bringing in a wider audience.
Publishers are finding innovative ways to increase their customers’
interactions and the reliability of magazines overall. This includes attracting
the attention of more readers to their websites through campaign-specific links
and interactive printed adverts followed by building awareness. Whilst doing
so, they’re also increasing customer engagement. An example of this would be GQ
France, who launched a mobile app to improve the digital experience for its
subscribers, it offers content from the printed magazine and also some
exclusive content for style, food, fashion and well-being. It also offers
additional masterclasses, podcasts and weekly competitions. Each month 76% of
adults have been reached by UK magazine media.
Some of the top advertisers for magazines are Sainsbury’s,
Johnson & Johnson, Apple, Channel and VictoriaPlum. 63% of adults access to
read through a digital format, and this stat is growing continuously. 72% of
readers see it as a time well spent and 91% believe that what they read is
trustworthy.
Press Gazette has analysed data from the past two decades on
how the UK consumer magazine industry has changed, simultaneously revealing how
the sector is being reshaped. Magazines have been hit by sharp falls in
advertising revenue, which have fallen by 33% from 2019 to 2020 and has still
not recovered. However, digital revenues have been on the rise, but
unfortunately are still yet to compensate for the decline. Furthermore, the
total circulation of magazines has also been on the decline, falling from 1.6
billion in 2000 to 565 million in last year. This means consumer expenditure
also shrunk down to 669 million in 2020 compared with 1.4 billion in 2000. This
sharp fall in spending has lead to a large amount of UK magazines closing.
The ownership of the UK magazine industry is still quite
diverse compared to newspapers. The leading companies include Bauer Media,
Immediate Media Company and Future Plc, who own around 37% of circulation in
2020. The three major publishers who hold the most market share are IT Media,
Bauer and BBC who have been responsible for 42% of all magazine copies that
have circulated, which is a small increase compared to 41% in leading publishers
back in 2000. The single-biggest company is Mark Allen, who accounted for 12%
of B2B magazine circulation in 2020.
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