The troika is watching subscriptions and circulation stumble, but it's worthwhile to note that even when ad revenues dropped for Newsweek and U.S. News & World Report, the publications continued to bring in above-average earnings.
75 YEARS OF TIME
Time celebrated its 75th birthday in style -- but still suffered a 32.7% drop in single-copy sales to 170,044 in the second half of 1998 from the comparable period in '97. Subscriptions were off by 0.3% to 3.89 million in the second half of 1998 from the second half of '97. Total paid circulation slid 2.3% to 4 million in the second half of '98 from the same time period for '97. This during the year of its notable Century project featuring special issues spotlighting the most influential people of the last 100 years.
That project fueled advertising however, and Time showed a 2% gain in ad pages to 2,837.09 in 1998 over 1997, according to Publishers Information Bureau.
Newsweek was the only one of the three to see an increase in subscriptions. Yet it reported a scant 0.5% rise to 2,995,994 for the second six months of 1998. Meanwhile, single-copy sales dropped 20.3% to 157,287. Total paid circulation was off 0.8% to 3.15 million.
Newsweek's ad pages were down 4.9% to 2,917.23 for 1998 according to PIB.
FALLOWS EXITS 'U.S. NEWS'
U.S. News & World Report, which changed editors mid-year after James Fallows fell out with management, experienced a 19% decline in single copy sales to 46,425. Subscriptions slid 1.5% to 2.13 million. Total paid circulation dropped 1.9% to 2.18 million. U.S. News & World Report had a 7.4% drop in its ad pages to 1,967.51. Editor Stephen Smith, is holding on to the title's signature "News You Can Use" sections, and is experimenting with cover lines to push newsstand sales.
Mark Whitaker took over as editor of Newsweek after the untimely death of legendary Maynard Parker in October. Among his first decisions was to increase