Time Inc. to suspend print version of Teen People
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Teen People, one of the first major magazines to be launched simultaneously in print and on the web, on Tuesday said that it would suspend its print operations.
The decision, which was taken by Time Inc., is another sign of the migration of readers – particularly young ones – from the printed page to the internet. It could precede similar changes at other Time Inc. publications, according to people familiar with the matter.
Ann Moore and John Huey, president and editor-in-chief, announced the changes in a memo to staff on Tuesday in which they pledged to invest in TeenPeople.com, citing its growth and promise.
Time Inc. is the world’s largest magazine publisher, and has earned a legendary representation as a consistent generator of cash for Time Warner. Yet it is now struggling to retain readers and advertisers in the internet era, something that has raised concern among senior management.
Some of its biggest titles, including Sports Illustrated and Fortune, last year suffered double-digit declines in advertising. As a result, the division has been trying to reinvent them on the internet while also experimenting with new, web-only publications, such as Office Pirates, a humor site.
The latest move is expected to affect 50 jobs, although Ms Moore and Mr Huey said that they would try to relocate as many as possible within Time Inc. Amid complaints from shareholders, Time Inc has already undertaken three rounds of layoffs since December that have eliminated 450 jobs.
Teen People was launched in 1998 as an extension of People, the world’s most profitable magazine. Its initial circulation of 500,000 more than tripled to 1.6m in 2001. But it has since cooled to 1.45m.
When asked about other Time publications adopting a similar strategy, a Time Inc spokesman said: “We are always looking at all aspects of the portfolio.”
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