Is Reader’s Digest being killed by the smartphone?
Published by Dave Murray on July 21, 2010 at 2:16 pm. Filed under General, New Technology
Recently Reader’s Digest filed for chapter 13 bankruptcy as the company continues to fall from their peak of 18 million subscribers to an all-time low of 6 million. What happened to this institution of Americana that many of us have enjoyed in our quieter private moments?
Founded after World War I, Reader’s Digest was the first magazine to aggregate commonly available information into short excerpts and provide short editorials while feeding us with a supply of jokes. In effect, Reader’s Digest was traditional media’s answer to today’s blog, joke of the day, and Huffington post. Unlike other companies, Reader’s Digest was unable or unwilling to adapt their model to new media. The company started to lose market share early in the internet revolution, but things did not really accelerate until the shipment of the smartphone.
What changed? We didn’t—we still all like opinion pieces, jokes, and easy access to information. Unfortunately it looks like many of us have found it easier to get our fix from our smartphone. Reader’s Digest believes it can reinvent itself to align with new media. Is this too little too late? What are you doing to ensure your business stays ahead of the curve?
