Traditional advertising revenues will not come flooding back to print when the recession ends, the chief executive of French magazine giant Lagardere Active has told the Fipp conference.
Didier Quillot, whose company publishes titles including Elle and Paris Match, said the media industry was suffering a “structural crisis” and needed to invent a brand new business model.
“I have to say that my strong conviction is that [the] advertising business will not recover as it was – it’s done,” he told the World Magazine Congress in London today.
“We have to reinvent a new revenue model.”
In a later session, the president of German global publisher Gruner + Jahr agreed.
Torsten Klein said: “Life after the crisis will be different. We will be on less revenues.
“Even though advertising revenues will be coming back they will not be coming back on the level where they were in 2007 and 2008. We will have to work on our cost structure.”