SpectatorBytes

The formal creation of AOL’s MediaGlow and the most recent numbers from the Magazine Publishers Association of Americahave gotten me thinking about the future of Magazines. It is easy to be a pessimist and dismiss Traditional publishers in light of the shift in consumer behavior towards the Web.

However, Traditional publishers still have some key capabilities that if properly redeployed can significantly advantage them over online-only publishers in the long run. Here are the main ones that I have identified:

- A sales force with deep relationships with advertisers and trained to sell specific brands

- Brands that are well-known to consumers but more importantly well-known for advertisers

- Leading editorial talent focused on a specific category or niche audience;

- Reasonable levels of audience on their Website

With few exceptions, Magazine company efforts are falling short compared to online publisher efforts:

- Still operating on a magazine cycle rather than on a Web cycle - which means constantly offering fresh content to their audiences

- Building and managing community interactions.This is a key element to building scale and overall audience engagement.

- Actively curating third party content and aggregating user generated content. Becoming starting points for their audiences on the category they serve.

- Leveraging new publishing and syndication tools to maximize the distribution of their content across the Web via search, social media platforms, and 3rd party publishers

Magazines have an opportunity to leverage their current position to become the leading publishing networks of information on the Web (particularly if they aggressively embrace online video). The economic downturn may give Magazines a bit more time (as advertisers are likely to stick with brands the know rather than try new ones) but the window is closing. Moreover, publishers will be able to determine what is the best way to use the print version to complement the Web experience.

The transition from the current model to the new one will not be easy. Cost structures and overall operational approach need to change dramatically. Cultures need to change dramatically. Nevertheless, Magazines still have an opportunity to reinvent themselves (if they move fast) and some have already begun to do so.

This leads me to highlight something: With AOL’s Media Glow and Time Inc.’s portfolio of brands, Time Warner is well positioned to establish the next-generation publishing company. AOL now has the know-how to scale its publishing network and Time Inc. has the brands, sales org and several valuable sites.

Clearly, this is not a new idea but its time may have finally arrived. Love to hear your thoughts.