An analysis done by global management consulting firm McKinsey Company brought grim news that Condé Nast Publications would have to cut 25% of its budget to keep afloat. The dismal findings eventually led to the decision to close four well-known titles “Modern Bride,” “Elegant Bride,” “Cookie” and “Gourmet.” “Gourmet,” which has lasted 70 years in the industry, probably drew the most attention.
The decision to cut “Gourmet” was based on its ability (or lack of) to bring in advertising revenue. AdAge reports that “Gourmet”’s ad revenue dropped by 45% this year, while Condé’s other food magazine, “Bon Appétit”, dropped by 33% only. Popular television shows and cooking sites are said to have eroded its pull on advertisers.
Not surprisingly, two magazine of the same genre split readers and advertisers, dividing profits and driving up costs. Despite the end of the title, the brand “Gourmet” will still be used in publishing and television programs.
CNN quotes CEO Chuck Townsend as having written "In this economic climate it is important to narrow our focus to titles with the greatest prospects for long-term growth."
The last issue hits stands in November.
