Uh-0-2138

The ongoing economic crisis has brought down corporate giants such as Lehman Brothers, prompted the major buyout of Merrill, and sent many outbound Harvardians into the real world without the comfort of a surefire money-making contract in their back pocket. But while we’ve all been watching these titans battle, the less-followed everyday industries suffer too, and in particular, an industry near and dear to our hearts—print publications. If you thought “The Bubble” couldn’t be burst, think again. 02138, a magazine by Harvard alumni, for Harvard alumni, has recently suspended publication (read: folded). Is nothing sacred anymore?

THE FALL OF 02138

02138, a lifestyle magazine for Harvard alums, was founded in August, of 2006 by alumni Bom Kim ’00 and Daniel M. Loss ’00. Its first seven issues were produced by the publication’s original owner, The Atlantic Monthly. In its early glory days, the magazine featured articles on everything from the ongoing legal debate with Facebook, a list of the most influential Harvard alumni entitled the “Harvard 100,” and a statistical analysis of the number of Harvard wedding announcements that made it into the New York Times wedding section. Manhattan Media, the organization that bought the magazine in May 2008, intended to mail 02138 to the 50,000 wealthiest Harvard alumni—for free. While this was an intriguing twist for advertisers, it was ultimately not a successful one for 02138.

Richard Bradley, former executive editor of 02138, explains that the magazine was founded as a way to cover a breath of lifestyle issues with one common thread: Harvard alumni. “I’m a real admirer of the concept behind the magazine,” he says. “You had a stake in a sophisticated, largely affluent audience, and you had a very interesting group of people to write about underneath the umbrella of Harvard alumni.” True, with featured alumni like Tommy Lee Jones ’69, Al Gore ’69, and (sort of) Bill Gates, “You could cover politics, finance, the arts, architecture, really anything.”

Still, there were skeptics who believed that the magazine’s focus was too narrow. Alumnus Stephen P. Younger ’77, who received the magazine free of charge for its first year, says, “It was a very interesting, people-oriented magazine. It was high quality and good content, and had features that I found of interest regarding Harvard alums.” Though, he admits, “It was not of such interest that I actually ever subscribed.”

Another feature holding back the Harvard alumni-centric niche magazine is the other Harvard alumni-centric niche magazine—The Harvard Magazine. Bob Giles, curator of the Nieman Foundation for Journalism notes that, “One of the things that 02138 goes up against is that Harvard Magazine is such an extraordinary alumni publication. It is one of the greatest in the country and has a great following.” The market for such a specialized niche can be tight, and 02138 certainly experienced the advertisement squeeze.

Perhaps the larger message here, however, is not 02138-specific. The troubling trend of folding magazines everywhere presents a window into the possible future of print media, in this age and this economy.



BEYOND THE IVY GATES

02138 is certainly not the only one of its kind to go under with the economy. Just last week, The Christian Science Monitor announced that they would cease daily publication of the newspaper and instead switch to a weekly print format with a heavy online emphasis, making it the most prominent newspaper to end print on such a large scale. Posting net losses, the newspaper just could not sustain the costs of daily print in the wavering economy any longer.

Additionally, magazines such as Jane, CosmoGirl, Teen Vogue, Radar, and Condé Nast’s new endeavor, Men’s Vogue, are facing similar struggles with failed advertising objectives, resulting in heavier emphasis on the online versions, or even suspension of the magazine’s publication at all.

Tom F. Allon, CEO of Manhattan Media, which currently runs 12 New York City-based publications, including 02138, offers some sobering words on the subject. “The print market is shrinking,” he says. Allon explains that the suspension of 02138 “had nothing to do with the content. The quality is and would have been outstanding, but the advertising market is at a standstill because of the economy. The risk return profile became too great.”

“There are cutbacks—everywhere,” he adds grimly.

The economic crisis is not the only trigger for the diminishing media of print publications. Giles acknowledges the role that the internet has played in the downfall. “There’s so many places you can go for information for stories, for advertisements. Google comes along and eBay comes along and they have not only taken advertisers away from magazines, but their search capacity is so extraordinary that you can just find things so easily.”

In an age when physical newspapers are getting too costly and nearly any story is available at the click of a mouse, it seems that the era of smudgy newsprint might be coming dangerously close to extinction. Allon has his own optimistic suggestion for those suffering from the changes in the market. “People who have been involved with print models will have to come up with other creative multimedia ways to expand businesses.”