Music Magazines In Flux

Mon, 31 Oct 2005 14:13:06 GMT

Some of the biggest music magazines in America are facing uncertain times. In most dire shape is the hip-hop magazine, The Source which was the center of a New York Post business story that says that magazine is in critical financial distress, including having lost over $10 million dollars since 2001, delinquent on tax payments the last two years and allegedly failing to mail out subscriptions as a cost-saving measure. Just to add insult to injury, they're supposedly about to get evicted out of their offices for failure to pay rent.

The Source's woes are nothing new, though this bleak financial picture is one of the first major cracks in the facade. Though their circulation remains high, the magazine's bizarre personal war between themselves and Eminem, 50 Cent and G-Unit has taken absurd, epic proportions and hasn't helped the magazine's image by estranging themselves from some of the hip-hop's biggest acts.

Meanwhile, over at competitor Vibe as well as the rock magazine Spin, it looks like both mags are up for sale right now (but you gotta buy both). Quincy Jones, who's long held a minority stake in Vibe had been making moves to purchase a majority share, but now, the current owner, Miller Publishing, is entertaining other offers that may price the famed music mogul out of the running. According to Radar Online, "Both magazines have seen advertising and readers erode in recent years thanks to a crippled record industry and strong competition from other upstart music mags, both in print and online." (Source: Music Press Report)

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Music Magazines In Flux