Friday, June 25, 2010

Time Magazine Poised For The New Consumer

While Newsweek and Business Week had to sell, Time Magazine says it is thriving. It recognized the changing consumer and adapted accordingly. Among its changes, it moved its publication date from Monday to Friday to capture and adding more content to its website to bring on more viewers. And it found a strong enough core business to sustain its subscription sales. "'In terms of our category, we're not only the last guy standing — we're the only guy standing,' says Rick Stengel, Time magazine's managing editor, its most senior editorial position. 'We convert information into knowledge. Knowledge is what people want. Information is the commodity.'" In addition, they built an iPad App and other digital readers. They recognize the value that digital can offer. "Stengel says, he'll be happy even if most readers know little about Time's print edition — as long as they're paying for the magazine's electronic touch tablet editions." That is clearly someone that recognizes that change is inevitable and one must adapt to it or lose because of it. Time Magazine is clearly adapting to a changing landscape.

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