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We live and work in exciting times - revolutionary times. Technology continues to recast the media industry.

The extraordinary advance of affordable personal digital technology and the stellar rise of social networks are both distrupting and transforming the media market making this a unique moment to be involved in the convergence sectors we focus on.

This is also our place to ruminate and comment on the world as we see it, we hope you enjoy and please join in.

Monday, 17 August 2009

Financial trouble is very much in vogue.

The ‘worst advertising recession in a generation’ has now affected previously untouchable high end magazines with the news that Conde Nast, the publishers of Vogue and Vanity Fair amongst others are having to make dramatic cutbacks and financial improvements in their housekeeping. A commissioned report by management consultants McKinsey and Co has found that the publishing giant fritters money away needlessly on parties and expense accounts and that cutbacks are to be made if the profit margins are to remain in the black.

The news has caused quite a stir in the American office of Vanity Fair US and an urgent sense of frugality has enveloped the ethos to such an extent that the previously heavy spending editor, Graydon Carter, who has a justified reputation for daily lunching in the more fashionable restaurants of New York has recently reportedly been frequenting the Office Canteen with alarming regularity.

It is pleasing to see that even the high end branches of the media are suffering the same effects of the recession and it will be interesting to see how, with the digital evolution taking shape for magazines, the luxury market recovers its advertising from companies who are in turn suffering from a down turn in profits and prioritising of finances.

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