Dennis Publishing founder and chairman Felix Dennis has urged magazine publishers to seize the opportunities presented by the current downturn.
Speaking at the World Magazine Congress in London this afternoon, Dennis cited the success of men’s magazine Maxim, which he launched in the US on the eve of the last major recession in 1997.
Maxim achieved peak US sales of 2.5 million copies a month and has launched franchised editions all over the world.
He said it had delivered profits to date worldwide of $3bn and is still growing in some territories – despite closing its print edition in the UK earlier this year.
Dennis said: “Magazines are going through a very rough patch, but we are not done yet by a very long chalk.
“I predict that in 10 years’ time, for those who are willing to embrace the opportunities of a lifetime that this recession offers – opportunities to restructure, change and grow by acquiring distressed assets – for those the recession of 2008, 2009 and perhaps 2010 will be viewed as one of the greatest financial opportunities in the history of our industry.”