Most magazines are financed through dual revenue streams, where they get their revenue from both the cover price of the magazine as well as from advertising. As the majority of the revenue comes from advertising, it is important that the magazine is an attractive platform for advertisers. This is done by making the magazine appeal to a large audience to make sure the magazine has a large circulation and therefore readership, who will view the advertisements. A way in which magazines will create a boost in circulation in order to attract advertisers is to reduce the cover price of the magazine as this broadens it's reach. When Hearst UK reduced Cosmopolitan's cover price from £3.80 to £1, the circulation increased by 50% making it a very attractive advertising prospect. The cost of magazines vary depending on their quality and target audience. High quality fashion magazine Vogue costs about £5, whereas lower quality magazines like Glamour retail for £2. Grazia, a Bauer magazine, costs £2.20. Independent magazines are often more expensive than mainstream magazines. To reflect the prize of an independently produced magazine widely distributed for a young adult target audience, my magazine will cost £3.
Many of the magazines available for sale are produced and distributed by a small number of large companies driven by profit and power, with many having undergone mergers with other companies to remove competition. This horizontal integration allows companies to cater to a wide range of audiences by launching new titles and to allow the company to diversify into other areas of the media. The media group that will be distributing my magazine, Bauer, claim to be 'the UK's most influential media brand network' and have branches in magazines, digital media, TV and radio. The magazines that they already produce and distribute are Take a Break, Bella, TV Choice, Empire, Grazia and Heat, as well as other magazines for smaller audiences such as Classic Car Weekly, Model Rail and Practical Photography.
My own magazine is created by 'an independent media production company' and then being 'launched by Bauer'. By assigning an independent production company to a large distributor, a variety of new, unique, quality content is introduced to the market, however it is able to be distributed quickly and in large quantities to ensure a larger reach than if the magazine was independently distributed as well as produced. As Bauer 'intends to sell the magazine in retailers', the magazine must be able to provide a unique and independent feel, whilst not becoming so unconventional that it loses its appeal to a large scale audience group.
Below is an image of the magazine selection in my local WHSmith. The majority of these are conventional mainstream magazines such as Vogue, GQ and Cosmopolitan, however there are also independently produced magazines like Dazed and The Gentlewoman. However, you would be unlikely to find these in smaller retailers.
One independent magazine, 'The Gentlewoman', is a high quality print magazine, which strays from regular fashion magazine conventions, to create a new and unique brand identity. This magazine is distributed, on a smaller scale than my magazine will be by magazine distributor 'Bruil & van de Staaij'.
This cover of independent magazine The Gentlewoman does not follow magazine codes and conventions, meaning that it is targeted at a smaller scale niche audience. The use of the cigarette means that it is unlikely that this magazine could be sold in retailers.
A current trend in the magazine market is the increased presence of diversity and this can be seen on the covers of many September 2018 fashion magazines like Elle and Vogue, putting women of colour onto their front covers. I will try to follow this trend of increasing diversity by including a person of colour on one my own front covers.
With the movement of audiences online, it is becoming increasingly important to create a strong online and social media presence in order to keep the interest of the magazine's target audience and attempt to keep them buying the magazine. There must be a strong sense of brand identity across these products, through the use of a clear and unique house style and they must also be strongly digitally convergent with all platforms linking together and pushing towards the same goal of offering the audience an opportunity to purchase the magazine.
Regulation in magazines is provided by IPSO (Independent Press Standards Organisation) and members must publish an annual statement with any complaints and measures that have been taken to comply with the Editor's Code of Practice. This contains guidelines on issues such as accuracy, privacy, discrimination and how these things are affected by the public issue. One clause states that 'the press must take care not to publish inaccurate, misleading or distorted information or images'and this rule has had to adjust with changes in technology and the increased use of the airbrushing and digital manipulation of images in print.
In my magazine, I intend to give my magazine an independent feel, while ensuring it remains conventional enough that it is suitable for retail distribution by Bauer, as well as ensuring that I follow the guidelines provided by IPSO by not including smoking (as it could be seen to encourage smoking), alcohol, violence, nudity, swearing and overt sexual behaviour.
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