Newsweek wants to stop chasing the news and lose circulation, according to the New York Times. It wants to deliver more opinion pieces to a smaller readership. In other words, Newsweek wants to be more like the Economist, the healthiest of the three international newsweeklies.
The Economist has the fewest subscribers and possibly the lowest advertising rates. A one-time run-of the-book full-page colour ad costs $39, 950 in its Asia Pacific edition. A similar ad costs $57,585 in Newsweek’s Asian edition and $77,200 in Time’s Asian edition. (All prices quoted from the companies’ rate cards.)
The Economist sells nearly 134,000 copies a week in Asia Pacific and close to 1.4 million throughout the world. Newsweek sells just over three million copies including 200,000 in Asia and 2.6 million in the US. It plans to reduce circulation to 1.5 million by January next year. Time sells over four million copies including 3.25 million in the US and nearly 280,000 in Asia. But only the Economist Group is making a profit. Here are the latest financial reports by the owners of Newsweek, Time and the Economist.