US publishers launch digital news stand
WASHINGTON: US magazine and newspaper publishers Conde Nast, Hearst, Meridith, News Corp and Time Inc have teamed up to launch an ambitious digital newsstand for electronic devices.
The joint venture, which has been described as an “iTunes for magazines,” aims to develop common standards for presenting newspapers and magazines on portable devices ranging from smartphones to electronic readers to laptops.
The venture comes at a time of declining circulation and print advertising revenue for US magazines and newspapers and the loss of many readers to free news on the Web.
The digital platform will offer advertising opportunities and be open to other publishers who want to offer their content, the five major publishers, who claim an audience of 144 million readers, said in a joint statement. “Publishers will derive revenue from content and advertising sales, as well as from print subscriptions,” they said.
