Future Publishing Loses $96 Million
Gamasutra covers a large reported loss by Future Publishing, the UK games-mag publisher of outlets like Edge, the three official UK magazines, and the U.S. Official Xbox Magazine. Their pre-tax losses totaled $95.6 million, while profits were down $39.8 million to $26.7 million. From the article: "Future CEO Stevie Spring commented, 'It is clear with hindsight that during the past two years, Future over-invested in acquisitions and under-invested in organic development. The consequences of this strategy are clearly evident in today's disappointing results ... We have taken a number of steps to strengthen the business. These actions have created significant cost savings which we are fully re-investing in the business.'" More regrettable signs of a a fading print industry.
Maybe I'm just getting old but the comings and goings of the game industry at large bore me anymore. I've thrown out my last six copies of PC Gamer without hardly turning a page.
Or maybe I've just become bored of their endless fanboi masturbatory habits. I can't speak for the magazines listed in the blurb but I don't see a real value to gaming mags that spend as much time patting themselves on the back as they do giving real content about games.
Dedicated Cthulhu Cultist since 4523 BC.
More regrettable signs of a a fading print industry.
I'm not so sure I'm inclined to agree with that. While the print industry may be shrinking I think this has more to do with a less than stellar product and as the story indicates has much to do with poor business decisions.
I read the Official Xbox Magazine from time to time and it's quality in comparison with other publications is severely lacking. Of course that's just my opinion.
"No doubt one may quote history to support any cause, as the devil quotes scripture." - Learned Hand
Future also publishes PC Gamer magazine. It's the only print magazine of any type I actually subscribe to. I hope they don't decide to close it or any of the other mags down.
This decline in computer magazine publishing is not at all surprising. The magazines have such a long lead time that they are pretty much out of date once they hit the newsagent shelves or the subscribers' doormats.
;-)
When Internet access in the UK was through metered 56K modem, reading the latest game news could be quite expensive. Downloading demos, patches, add-ons, drivers, etc, would also give your phone bill a nasty bump.
Now that most PC gamers have broadband access, they can read the latest news immediately, and download the latest 500Mb+ demos to their heart's content. Who needs magazine coverdisks any more?
Still, I do miss my monthly browsing of the Amiga magazines in WHSmiths to see which one had the more interesting stuff on the coverdisks - I still have the floppy disk from ST/Amiga Format Issue 1, though I doubt it's readable any more
Cambo
Review magazines are pointless when you can read reviews online, with hundreds of game-resolution screenshots, and then there are sites like metacritic and so on that collate reviews so you don't get one crap review. And it is instant.
Also I don't want to read crap written for teenagers. I didn't want to when I was a teenager, but back then computing magazines were far more grown up.
Future Publishing started off with Amstrad Action some 21 years ago. It will be a shame to see them die (inevitable within a few years really) but they didn't give us a special last-edition AA, nor a last-edition Commodore Format. They deserve all they're getting.
The only (computing) magazine I've bought this year has been Retro Gamer. Yeah, you can get that stuff online, but it is nicely presented with adult articles.
For those of you confused about how a company can make a profit while reporting losses, the losses came from other things like a charge on assets, not a loss based on poor sales.
And this is using Generally Accepted Accounting Practices (GAAP), not Hollywood/Government style accounting.
[Fuck Beta]
o0t!
Don't they write/publish Linux Format magazine? That mag is awesome. I hope this won't affect this part of their business.
it's exactly what I was looking for in the comments..
every day http://en.wikipedia.org/wiki/Special:Random
Start working on that resume...
------ The best brain training is now totally free : )
just curious what peoples thoughts are on paper vs. digital since it hasn't really been discussed in the comments yet.
Reality is nothing but a collective hunch.
I read magazines in the bathroom while my laptop is currently in pieces. I'm waiting on my 3rd replacement screen.
That's the only excuse I can think of. You read magazines because either you don't have a laptop, you don't have Wifi, or you don't have to go to the bathroom. Any one of those three probably makes you a freak, though.
Bring back Amstrad Action... ...Downhill from there.
Computer Magazines are not dead, they still have a viable business, but they are just crap.
The problem with most computer magazines:
1. CD of crap Windows shareware. Even Linux magazines have CDs that I could just download.
2. Old News, they should not bother with news as by the time it gets to the stand, I have read it all on Slashdot two weeks before.
3. Not enough in-depth features. Most mags seem to be written for the causal buyer. There are only so many "Introductions to Photoshop" or "how to clean up your spyware" that I can take.
4. Under qualified writers, often the 'staff writers' do not have anything really to say. I would prefer real experts, even if every magazine was written by different people.
5. Gushing reviews - everything is the best thing since sliced bread. I am English, I want you to rip the product to sheds. (Think English newspaper or 'the Register').
6. They have given up on jokes as the casual user will not get them(see 3).
I buy magazines on planes, or if my work buys them. I do however read Micro Mart. It is less than £2, has a Linux, Mac and Amiga columns, has nice pictures of hardware and no crappy CD.
If anyone can suggest a computing equivalent to 'the economist' then let me know.
My little Linux and tech blog
As soon as I had access to the Internet I quickly stopped buying computer magazines.
As mentioned by other people, demos, patches and shareware I can download easily enough.
I used to compulsively buy PC magazines for the news, but now everything is weeks out of date by the time you get the mag.
The only magazine I still buy (currently subscribe to) is Edge magazine. It is a multi format mag that is read by industry people. Quality articles and news that I have not generally seen anywhere else, or with a intelligent commentary. Well worth reading. The rest are, to me, pointless.
I have to admit, I got bored of PC mags; I was reading news stories I'd read a month ago on Digg/Slashdot - even the BBC. The reviews I couldn't care less about unless I was actually buying something, and the technical articles either aren't relevant to me, or I'm just not interested. So all that was really left was the opinion pieces, and even then, I couldn't care.
So now, I hardly ever buy PC mags. I do, on the other hand, still have a subscription to Guitarist magazine, and I know Future do four or five other music mags (Future Music, and Total Guitar for a couple), a load of mountain biking magazines, plus I think, a few home-crafts titles. It's not like the Internet is killing what they do overall. I think it is a case that they've made some silly moves internally and messed things up.
I honestly feel that you can't currently beat a magazine for good, well thought out, well structured articles about things. I've got a Photography magazine I buy now, mainly because I can't find good howto articles online. Plus, I prefer to read stuff on paper. I don't like sitting in bed hugging my TFTs.
Rant/Rave over!
Or maybe I've just become bored of their endless fanboi masturbatory habits.
And amazingly, this was posted on Slashdot, without any sense of irony.
> a large reported loss by Future Publishing, the...publisher
> of...the U.S. Official Xbox Magazine. Their pre-tax losses
> totaled $95.6 million, while profits were down $39.8 million to $26.7 million
"Future Publishing officials admitted they probably shouldn't have followed Microsoft's business model for the Xbox when designing their Xbox magazine."
(-1: Post disagrees with my already-settled worldview) is not a valid mod option.
Post-launch, in the hands of the customer, people are PISSED. Internet video gaming news sites aren't much better, but they're (mostly) free so an anti-print media backlash is not unexpected.
Although the magazine publication arm may be slowing, their work for corporate clients is extending. They are doing all the content for the forthcoming BT Vision video-on-demand/digital freeview platform. They also are starting to put their toe in the water of blogging with a blog for girl gamers.
The thing is back in the day they were the innovators, adopting computerised DTP before a lot of the other publishers and hiring journo who had a real passion for their subjects. I still think this is true having met a couple but they do seem to have grown big without thinking about why they are big. They also annouced the closing of a number of titles recently. Their web offerings still need to get a clue about trackbacks and online communities. They have a lot of valuable content, they need to get smarter at making money from it. The comment of the chief exec is very true, but in a truely digital age they need to beef up their web offerings and start hiring some real talent in house.
Just my 2c from here in Bath.
Someone spelled "loses" right!
Whatever you think of Future's other publications, Edge Magazine is the holy grail of video game publications. They get interviews that most online sites can't and most crappy gaming mags for 14-year-olds won't. Their reviews are also excellent and show a fine taste for gaming in general. What Edge really does best, though, are the feature articles. They can go on site and are able to put together a really polished piece of journalism with gorgeous full page photographs on glossy paper. They have people writing for them that are in the industry and know people in the industry and write about what they think is important. It's not all press releases, previews, and reviews of games like every other gaming publication.
I also subscribed to the entire run of Next Generation magazine, the US version of Edge, until its unfortunate cancellation. I'm still impressed by the slightly wider pages, velvety cover, and substantial heft. It showed a level of sophistication that was woefully lacking in the EGMs and GamePros of the day (no offense Seanbaby!). The recent Next Gen, a web only publication, is excellent but a mere shadow of the magazine.
If you haven't read it, do yourself a favor and pick up a copy of Edge off the rack at Barnes and Noble. They seem to be the only book store that imports it to the US. You will get an idea of what you are missing by just reading the online blogs.
meh
I can't say I'm sorry to see these magazines go. These rags are nothing but cover-to-cover advertisements. They consist mostly of previews, some feature article with no substance whatsoever and excessively positive reviews. Either that or it's some guy trying to wax philosophical about something pointless.
It's either that or the writers gloat about how they're in the industry and get their hands on everything before the average consumer does. They barely put any effort into print quality so that I can clearly see what they're trying to present in screenshots.
It isn't like the good old days with the nice crisp screenshots and detailed game information. The best thing was the pages and pages of detailed game maps. Who the hell puts effort into anything like that anymore?
It's not like the internet has helped. It's more of the same and in some ways, worse.
I have had a subscription to one of their cross-stitch magazines for nearly 5 years now. They are quite strong in the crafts market. The have plenty of titles that are nothing to do with computers or gaming.
Sara
Designer, Gamer, Macgrrl in an XP World
Seemingly they launched extra magazine solely to occupy shelf-space, meaning if you randomly selected one it was unlikely to be published by their competition. Hence anybody trying to get a foothold in the market was crushed and Future owns the market.