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Publishing in the knowledge economy The industry today 13.6 Magazines, directories, business media and business information Strengths • Diversity • Innovativeness • Strong brands • Relationships with advertisers • Strong newstrade distribution provides a costeffective route to market • Successful brand extension strategy, especially in business to business • Niche nature of magazines in tune with zeitgeist • Highly attractive occupation for graduates • Diversity of revenue streams • High value information (B2B, directories, business information services) • Strong intermediary positions (B2B, directories) • Innovative technologies e.g. specialised tools (business information services) • Subscription model (some magazines, business directories) • UK strength in search and taxonomic systems Constraints and weaknesses • New product launches vital but no longer growing the market so much • Low level of subscriptions relative to foreign countries • Expense of postal service constrains growth of subscriptions • Fragility of the postal service • Wastage is high – returns, new titles fail to reach targets • Hard for start ups to get seed capital • Exhibitions and events do not have access to cheap venues (relative to European competitors) Threats • Change in shopping habits and decline of CTNs threatens smaller publishers, new launches, range of choice • National distribution would accelerate decline in independent retail outlets • Fragmentation of postal distribution • Environmental directives might increase costs or even threaten some processes • Advertising restrictions could increase • Directives on distance selling, data protection and cookies • Increasing power of multiple retailers squeezes margins • Ageing population presents challenges in some markets (women’s and men’s lifestyle) • Disintermediation in some business to business segments especially directories • Competition from non-traditional sources e.g. law firms, banks, ad agencies • Competition for consumer time and attention • Exhibitions and events highly sensitive to economic climate • Public sector recruitment direct via Internet • UK Government and public sector and EU engage in value added publishing (affects magazines and directories) • Availability of free content on the Web undermines value proposition of some B2B and information services at the margin (affects business media, business information aggregators/online services) • Concentration of ownership of premium 80
The industry today Publishing in the knowledge economy content may affect pure aggregators in the longer term Opportunities • New titles (magazines, directories) • Consolidation • New services based on customisation and targeting • Further brand extension and diversification of revenue streams • Broadband/interactive TV could spawn new services • Trend to niche interests supports magazine new product development • Demand for specialised, high value business information as competitive environment sharpens for all businesses • Sales/licensing of formats abroad • Direct sales to overseas markets (directories, some business magazines) • Remote short-run printing allows new markets to be served cost effectively • Licensing of brands to other media • Use of e-business technologies increases ability to reuse content across different platforms • Use of advertising content and advertiser information to drive revenues • Added value services – integration with intranets/EIPs (business media/business information) • Taxonomy – development of new technologies and expertise in content categorisation and structure (business information, information management services) Figure 13.5 Magazines: perceived opportunities and threats over three and 10 years Opportunities Launch of new products and services Extension of existing products and services to overseas markets (including sales of formats) Threats Acquisitions, mergers or alliances in the UK Overseas acquisitions, mergers or alliances Growth of high speed networks/broadband Growth of digital television Growth of 3G wireless networks Improved exploitation of rights Use of e-business technologies to create new products and services Use of e-business technologies to optimise editorial and production processes Use of e-business technologies to optimise ordering, sales and marketing processes Closer relationship with end customer Price discounting • 3 years 10 years Other 0 50 100 150 200 250 300 Economic recession Technological change eg development of broadband and 3G wireless networks Piracy/copyright infringement Retention of rights by authors/agents/institutions New entrants to your market Disintermediation by parts of the existing value chain Competition from existing customers Overseas competition, including imports Shifts in consumer spending patterns or changes in consumer behaviour Changes in the distribution of advertising expenditure (eg from print to TV, direct mail or online) Stricter regulation Taxation changes Price discounting Government as information provider/publisher • 3 years 10 years Other 0 20 40 60 80 100 120 Source Pira survey 81
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