Condé Nast, the publisher of upper-end magazines such as Vogue and GQ, is suffering from a decrease in advertising revenue, and according to a rival executive who used to work there, the company hasn't been making the wisest financial decisions. Keith J. Kelly of the New York Post writes:
"They are having the worst year of any publisher," said one rival
executive who once worked at Condé Nast and said the company's recent
cuts of 5 percent each on expenses and staffing isn't enough.
"They are overstaffed and overpaid. They should have cut back 20 percent when they cut back five," this person said.
Interestingly enough, the only magazine under the Condé Nast umbrella to experience growth was Golf World.
The ads haven't been as visible as they were around the New Year, but it's clear Condé Nast is trying to deflect this downward trend by attracting a younger audience through their marketing efforts on social networking sites like MySpace.