As advertising budgets continue to dwindle, print magazines are feeling the brunt as we well know here in State HQ. Paste Magazine in the US is hoping to counteract the downturn by looking for support and donations from its readers and friends.
The ‘Campaign to Save Paste” has launched with the explicit reason to raise money to keep Paste in print and online. They are looking for donations which will be returned with thanks in the form of rare and exclusive MP3s from over 70 amazing artists (including The Decemberists, Neko Case, Bob Mould, Cowboy Junkies, Indigo Girls, The Jayhawks, Brandi Carlile, John Roderick of The Long Winters, Patterson Hood, The Avett Brothers and Josh Ritter’”with more to come)
Here’s what Paste had to say about their situation:
As a completely independent company, Paste has struggled for the past nine months as advertisers have decided to wait out the recession. As most of you realize, magazines are heavily subsidized by advertising. Industry experts estimate that an average subscription for a monthly publication would cost $60-$80 per year without advertising support.
But last month was brutal. Cash received unexpectedly reached an all-time low, and turned a tough situation into a short-term crisis.
Long-term, Paste will emerge in good shape. Even with the fall-off at the end of the year, 2008 was our best year yet’”print subscribers, print ads, online readers and online advertising were all at record levels. Readers (print and online) remain strong. And new advertisers have come on board even in the recession, with more ready when their advertising budgets come back.
In the meantime, we’ve adjusted our business to weather this storm. We’ve cut costs, and we developed a robust online business that’s among the best in the industry. Fundamentally, we’re in good shape and won’t need another appeal down the road. But it’s taken us until this point to get there’”leaving us critically low on cash, without some large corporation behind us to bridge the gap.
We’ll make it through this short-term economic crisis’”but it’s only with your help. Our fate is (and has been and always will be) in your hands. Big-time investors are not ‘in the game’ right now’”but readers can rise up and ‘invest’ in Paste’s future. Will you be a part?