The Hollywood Reporter is taking a radical step that its new ownership claim is necessary to save the publication: It will become weekly in October, 2010, 80 years and one month after it first started its life publishing as a daily.
"The five-times-a-week publication will become a large-format, glossy weekly starting next month under the direction of editorial director Janice Min and Richard Beckman, chief executive of parent e5 Global Media," the New York Times reports.
Beckman came to e5 from consumer magazine giant Conde Nast, where he was president of the Fairchild Fashion Group. Prior to taking that postion in March, 2009, Beckman was president of the Condé Nast Media Group and chief marketing officer for Condé Nast Publications. He spent almost 25 years at Conde Nast.
The Hollywood Reporter magazine will be accompanied by a redesigned Website that will focus on breaking news. "The Reporter’s message to the competition: Traditional trade reporting in Hollywood has been in need of heart paddles for a long time and — clear! — we’ve finally arrived with them," the article says, adding, that annual revenue at the publication has shrunk to $30 million from $50 million four years ago.
While its circulation is currently at 47,000, Beckman says that will rise to 60,000 in the first months after the remake, while the goal is to quadruple that in three years, the article says.
According to the article, "The Reporter wants to transform the way it does business but also change the model that has allowed the Hollywood trade publications to exist for nearly a century. Heavily dependent on advertising from the entertainment industry, publications like Variety and The Reporter have long provided favorable coverage of the films and studios that pay their bills. Mr. Beckman is gunning for a larger slice of the advertising market: beauty, fashion, consumer electronics and liquor, for starters."
Interestingly, though the article doesn’t mention it, the Reporter and Variety have gone after these other ad categories for years.
The article concludes, "And although some in Hollywood may be skeptical, Mr. Beckman, never one to lack brio or confidence, is not deterred. ‘It makes me laugh to get pigeonholed by these morons,’ he said.