Web Publisher BuzzMedia Buys Spin Magazine
BuzzMedia has acquired Spin magazine, the companies said this morning, concluding a process that had been generating talk in music and media circles since early last month but posing new questions about how the print edition would figure in at a digital company.
The deal, terms of which were not disclosed, bolsters BuzzMedia's lineup of music sites, which include Idolator, Stereogum, AbsolutePunk and Pure Volume. But BuzzMedia has not decided exactly what to do with the print edition. Print attracts higher ad rates that websites envy but also costs much more to produce.
"We believe there is a unique role for print and see it as another outlet for people to access content about their passion topics," BuzzMedia CEO Tyler Goldman said in an email provided by a spokeswoman.
"In the longer term," he added, "we're still defining how print fits in from a platform perspective."
Spin has been trying to pivot from its print roots -- it was founded by Bob Guccione Jr. in 1985 -- to a company focused on digital. The magazine cut its print frequency to six issues this year from 11 and trimmed its paid-circulation guarantee to advertisers.
Spin's print ad pages fell nearly 10% last year, according to the Publishers Information Bureau. They have declined much more this year, but largely as a result of publishing fewer issues.