The business titles in Asia and Europe would celebrate, more happily, this Christmas without BusinessWeek. McGraw-Hill, its parent publishing house, decided to close down its Asian and European editions to focus resources on its online product, according to Marketing Weekly.
The recent two years saw international media companies were shrinking in Asia . In 2004, Dow Jones axed the weekly edition of its highly regarded Far Eastern Economic Review, disappointing many this region. The Asia Wall Street Journal, Dow Jones’ flagship product in Asia , went tabloid just weeks ago, and was hence renamed Wall Street Journal Asia. In the mean time, Dow Jones transferred interests in CNBC Asia, CNBC Europe and CNBC World to NBC Universal in an attempt to stem losses after posting a US$17 million loss in 2004.
Forbes closed their European edition, and Fortune pulled out years ago. Asiaweek was closed in 2001. AsiaComputerWorld was shut down early this year.
Such moves reflect that English-language newspapers and magazines more or less have been suffering in Asia , amid the difficulties and complication to print and distribute across wide geographies and low advertising margin.
The following is the circulation of major business titles in Asia
The Economist: 93,771, Fortune: 79,975, AWSJ: 79,885 , BusinessWeek: 72,950 ,IHT: 83,231 Forbes: 66,124 ,Financial Times: 32,055
Of these 7 seven titles, 5 are originally American publications, the common characteristic of which is they are basically America-focused editorial, selling American story with little Asian spice (another form of American hegemony?)
Tim Pinnegar, Publisher at The Economist says, “it’ll be challenging to get a good Europe and Asia readership as there’s a lack of relevance.
According to Marketing Weekly, BusinessWeek plans to replace its outgoing print editions with European and Asian online editions, and at the same time will begin distributing its edition as a global print edition. (But how on earth its international audience responds to the edition as a global print edition?)
It will, however, continue to distribute local language print editions though partnerships with local publishers in , , and , among other countries. (What a surprise: how can the translated American edition maintain a read for locals).
Who is the next?