US publishers Conde Nast, Hearst, Meredith, News Corp., and Time Inc. announced overnight a joint venture to produce a platform that will allow consumers to read their publications as well as publications from other publishers on electronic devices like the iPhone, laptops, or e-readers. The announcement overnight brings reality to the speculation.
This paragraph from the press release highlights the opportunity:
For publishers and advertisers, the venture will offer an attractive, cost-efficient, consumer-focused environment. Advertisers will be able to utilize innovative formats that benefit from the highly engaging, interactive nature of this new medium. In addition to entirely new magazine and newspaper reading experiences, content selections may ultimately include books, comic books, blogs and other media.
While consumer engagement points with magazines in Australia is extremely different to the US, this move in the US will have implications here. The platforms (iPhone, e-readers, computers) which are the target of the platform are popular here.
The immediate context of the move is for distribution newsagents. This is further evidence of where News Corp. is focusing attention in developing new distribution channels.