Not long after Ziff Davis announced they were canning OPM, now Future Publishing (Edge, Next-Gen.biz, OXM, etc.) has said they have suffered $95.6 million in losses. Ouch. Look out how the corporate head spins the news:
“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.”
I’ve said it before, and I’ll say it again, print is dying a slow, painful death. As the Internet thrives and more of our mobile devices are Web-enabled, the need for long-form magazine pieces will dim. We fully expect, here at Dtoid, to rock the Casbah well into the night.