New York magazine announced that it would lower its rate base 6 percent to 400,000, while hiking its introductory subscription price 25 percent to $24.97 as it tries to reduce costs and grow revenue amid the ad recession.
Magazine publishers have winnowed their rate bases with increasing frequency as the economic downturn has forced them to take a harder look at their costs. Along with saving money, cutting the circulation they guarantee to advertisers allows New York to promote their remaining readers as more engaged and presumably more valuable to marketers.
New York’s subscription price increase will be phased in during the second half of 2009. The magazine said it continues to increase the rate it charges to renewing subscribers, which tops out at $59.97 per year.
Along with the rate base and subscription price moves, the weekly said it would reduce by 33 percent to 42,000 the number of free copies (or verified circulation), that it distributes in salons and doctor’s offices. In the second half of 2008, New York’s verified circ was 46,051 but has crept up this year, according to the Audit Bureau of Circulations.
The magazine said it also continued to reduce the number of copies sent to underperforming newsstands.
This year through its May 18 issue, New York’s ad pages fell 38.6 percent, per the Mediaweek Monitor.