{"id":6277,"date":"2018-02-01T00:43:27","date_gmt":"2018-02-01T05:43:27","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-digit\/submission\/conde-nast-no-longer-in-vogue\/"},"modified":"2018-02-01T15:04:32","modified_gmt":"2018-02-01T20:04:32","slug":"conde-nast-no-longer-in-vogue","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-digit\/submission\/conde-nast-no-longer-in-vogue\/","title":{"rendered":"Cond\u00e9 Nast: No Longer in Vogue"},"content":{"rendered":"

It\u2019s no surprise that print media has been struggling to keep its grasp on readers, who now flock to digital and social media for news and content. Kurt Andersen, former editor of New York Magazine<\/em>, summed it up: \u201cThe 1920s to the 2020s was kind of the century of the magazine,\u201d but today they are in \u201cmore of a dusk, a slow dusk, and we\u2019re closer to sunset\u201d [1]. Of the print houses caught in the \u201cdusk,\u201d Cond\u00e9 Nast is displaying clear signs that it is struggling to adapt. Once a behemoth owning many of the most iconic magazine brands (Vogue<\/em>, Vanity Fair<\/em>, The New Yorker<\/em>, among others), Cond\u00e9 Nast has announced a series of changes over the last 18 months that point to their decline.<\/p>\n

<\/p>\n

 <\/p>\n

Reading the Signs<\/em><\/p>\n

Since fall of 2016, Cond\u00e9 Nast has restructured the organization several times and even closed key brands. Over time, the intervals between the announcements has also shortened, indicating that the company is struggling to land on an effective organizational structure. In addition, each restructuring comes with layoffs to cut costs and to stretch resources. In October 2016, Cond\u00e9 Nast announced a reorganization to combine their creative, copy, and research teams, citing an imperative for closer collaboration [2]. This was closely followed by another reorganization around \u201cbrand collections\u201d in January 2017, redefining publishers\u2019 roles as \u201cChief Business Officers\u201d and expanding select publishers\u2019 roles to manage multiple brands. The others were let go [3]. Then, between March and November, 100 and 80 positions were cut, respectively, for a combined 6% of the workforce. Most recently, just earlier this month, \u201cfashion and beauty networks\u201d were established to \u201chelp smaller brands that don\u2019t have their own fashion and beauty departments.\u201d While no jobs were cut, it was yet another step in trying to make the most of their resources. The frequency of leadership and company shake-ups are not signs of a healthy and thriving organization [4].<\/p>\n

Another clear indicator of Cond\u00e9 Nast falling to the losing side is the number of publications they have shuttered over the past couple years. At the end of 2015, men\u2019s magazine Details<\/em> shut down, followed by Self<\/em>\u2019s print issues one year later. There were several attempts to recover Self<\/em> before its closure: collapsing its advertising team with peer brand Glamour<\/em>, combining its editorial and social teams with those of Glamour<\/em>, redesigning, and reducing issues from 12 to 10. None of these efforts could turn it around; the magazine had declined 148,055 single-copy sales in 2014 to 44,000 in the first half of 2016 [5]. A similar story played out with Teen Vogue<\/em>, once a prized brand in Cond\u00e9 Nast\u2019s portfolio. Despite much praise and publicity for finding a \u201cvoice of resistance against President Trump,\u201d the brand cut down to four issues per year before announcing the end of all print issues under a year later. This magazine\u2019s also points to a continued trend as younger audiences and digital natives move away from print. In the meantime, seven other magazines are reducing their print runs as well [6].<\/p>\n

<\/p>\n

 <\/p>\n

Trying to Capture Value<\/em><\/p>\n

With the rise of companies like Buzzfeed, Mashable, Vice, or platforms like Youtube, Facebook, Instagram, audiences are redirecting their attention away from print publications. Decline in readership leads directly to a decline in advertising revenue; Cond\u00e9 Nast brought in approximately $100 million less revenue in 2017 than in 2016 [6]. Shutting down print runs of struggling brands, such as Self <\/em>and Teen Vogue<\/em>, indicates that Cond\u00e9 Nast is no longer capturing the same value from print readership as they once did. It\u2019s important to note that they have not completely closed the brands but continue to maintain the online presence of each. Instead, the company is hoping to stay afloat by seeking new sources of revenue and investing in video and branded content, with the establishment of Cond\u00e9 Nast Entertainment [7] and creative agency 23 Stories [8]. Wired<\/em> and The New Yorker<\/em> are also exploring online subscription and metered paywall models to capture value from audiences [9].<\/p>\n

While it\u2019s too early to declare Cond\u00e9 Nast a full loser in the digital economy, the signs currently point to a company struggling to adapt. Digital and social media players are quickly capturing the value that they once held. Only time will tell if their investments in video and branded content pay off.<\/p>\n

Sources:
\n[1] Ember, Sydney, and Michael M. Grynbaum. \u201cThe Not-So-Glossy Future of Magazines.\u201d The New York Times<\/em>, 23 Sept. 2017, www.nytimes.com\/2017\/09\/23\/business\/media\/the-not-so-glossy-future-of-magazines.html.
\n[2] Steigrad, Alexandra. \u201cCond\u00e9 Nast Combines Creative and Copy Teams Across Company to Cut Costs.\u201d Women\u2019s Wear Daily<\/em>, 18 Oct. 2016, http:\/\/wwd.com\/business-news\/media\/conde-nast-combines-creative-and-copy-teams-across-company-cost-cut-10678167\/
\n[3] Bazilian, Emma. \u201cCond\u00e9 Nast Ditches the Title of \u2018Publisher\u2019 in Major Executive Shake-Up.\u201d AdWeek<\/em>, 26 Jan. 2017, http:\/\/www.adweek.com\/digital\/cond-nast-ditches-title-publisher-major-executive-shake-175785\/.
\n[4] Bloomgarden-Smoke, Kara. \u201cCond\u00e9 Nast Creates Fashion and Beauty Networks.\u201d Women\u2019s Wear Daily<\/em>, 30 Jan. 2018, http:\/\/wwd.com\/business-news\/media\/conde-nast-creates-fashion-and-beauty-networks-11133187\/.
\n[5] Steigrad, Alexandra. \u201cCond\u00e9 Nast Shutters Self Magazine in Print, More Cuts on the Way.\u201d Women\u2019s Wear Daily<\/em>, 1 Dec. 2016, http:\/\/wwd.com\/business-news\/media\/conde-nast-closes-self-magazine-10715645-10715645\/.
\n[6] Ember, Sydney. \u201cCond\u00e9 Nast Ends Teen Vogue\u2019s Print Run, Plans to Cut 80 Jobs.\u201d The New York Times<\/em>, 2 Nov. 2017, https:\/\/www.nytimes.com\/2017\/11\/02\/business\/media\/conde-nast-teen-vogue.html.
\n[7] Ifeanyi, KC. \u201cIs Cond\u00e9 Nast Entertainment Finally Ready to Take Hollywood By Storm?\u201d Fast Company<\/em>, 23 Jan. 2018, https:\/\/www.fastcompany.com\/40517392\/is-conde-nast-entertainment-finally-ready-to-take-hollywood-by-storm.
\n[8] Biron, Bethany. \u201cCond\u00e9 Nast positions 23 Stories as a 100-person creative agency.\u201d Digiday<\/em>, 3 Oct. 2017, https:\/\/digiday.com\/media\/conde-nast-positions-23-stories-100-person-creative-agency\/.
\n[9] Mullin, Benjamin. \u201cPaywall Will Be Wired\u2019s \u2018Hedge Against the Future.\u2019\u201d The Wall Street Journal<\/em>, 29 Nov. 2017, https:\/\/www.wsj.com\/articles\/paywall-will-be-wireds-hedge-against-the-future-1511956800.<\/h6>\n","protected":false},"excerpt":{"rendered":"

Cond\u00e9 Nast, once a magazine powerhouse, is in decline. 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