Newspapers are in the same perilous situation as the motor industry and will be “changed forever” by the recession, GQ editor Dylan Jones has warned.
Appearing on a panel discussion at the Fipp World Magazine Congress in London this morning, Jones warned the magazine industry that it must not be complacent and think it is immune from the financial problems engulfing newspapers.
“When we come out of this recession in 18 months, two years’ time, I think the analogy is similar to the motor industry,” he said.
“When we come out of this, many industries will be the same. The motor industry and the newspaper industry will be changed forever.”
He added: “There are many people in the magazine industry who think this will never affect them but we could easily be having those same conversations in two or three year’s time.”
Asked about how magazines could save money without sacrificing editorial quality, Jones said “on-page is sacrosanct” but there were other areas that could be cut, such as expenses.
“In times like this you realise there is lots and lots of meat you can cut,” he said.
“Simply: I employ you, I employ you, why am I paying you to go to a restaurant to talk to each other? If you multiply that 400 times you save a lot of money.”