There’s a struggle going on in Hollywood right now between old and new media. Variety, the 107-year-old trade magazine, is not only having trouble finding a suitor, but has also come to the conclusion that its $40 million price tag may be too much.
The problem, like many traditional publishers trying to keep its heads above water, is that there are now many online-only trade publications, like Nikki Finke’s Deadline Hollywood, HollywoodLife.com and to a certain extent TMZ, who offer the same (and sometimes more exclusive) content that doesn’t reside behind a paywall. It’s the same story that’s playing out across industries. It’s hard to imagine that if you were to reinvent Variety today that you’d start with a print product.
Digital properties are more nimble than a weekly and trade publications are not immune to the changes in the media landscape. If Reed Elsevier wants to sell Variety, it needs to prove why a legacy media company can work in a digital world. And as the Post points out, dropping the price may be the only way out.
More in Media
The case for and against publishers buying paid traffic
For many audience development teams, the question is no longer whether to buy traffic, but how far they can push it.
Why retailers like Target and Aerie are moving beyond straight affiliate deals with creators
Creator programs are changing as retailers like Target and Aerie realize they require a multifaceted approach that doesn’t just rely on affiliate links.
Rising gas prices may push more household spending toward Amazon
The spike has squeezed household budgets and changed how people shop. Consumers are pulling back on discretionary spending and foot traffic is in decline.