There has been much hype the past decade that print is phasing out and everything is moving online. That’s certainly the case for Newsweek magazine. After 80 years as a print publication they will cease print issues altogether and transition to an all-digital format starting in early January of 2013.
The announcement was made this morning by Newsweek CEO Baba Shetty and Editor-in-Chief Tina Brown, who is also the founder of The Newsweek Daily Beast Co.
“In our judgment, we have reached a tipping point at which we can most efficiently and effectively reach our readers in all-digital format,” Brown and Shetty stated via The Daily Beast website.
The two also revealed that job cuts will be made, adding to an economy already hit hard by unemployment.
The news shouldn’t come as a total shock to readers, who were anticipating print being downgraded to a weekly paper. But, even that was not to be. Instead, Newsweek will follow in the footsteps of other magazines like US News & World Report, which went digital years ago.
SmartMoney announced its decision to go all-digital back in June and had to cut 25 positions at the company as a result. Hard times call for hard decisions.
It’s a fact that in order to stay competitive, news sources need to get news online in real-time where readers can see it on their laptops, smartphones, or tablets. Waiting days or even weeks for a paper to come out just isn’t realistic anymore, with so much news content being streamed online.
Newsweek’s last US print edition will be the December 31, 2012 issue. The new all-digital publication will require a paid subscription and be known as Newsweek Global. Some content can be viewed free of charge on The Daily Beast website.
Which print magazine or newspaper do you think will move to an all-digital format next?