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Chaos At The Source: Benzino Returns, Kim Osorio F...
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6 Comments:
the Source's circ numbers have fallen dramatically over the last eighteen months. And, more to the point, the exact number of their loss of readers is unavailable due to the fact that the Source did not submit themselves to an ABC audit for the last half year. So their numbers are, as of right now, unknown. EVERY magazine with a national distribution submits to ABC. That the Source did not, for perhaps the first time in their (national) history, speaks volumes. This is fact. I've seen the letter Mays sent out to advertisers trying to explain why they have no "real" circ numbers right now.
FYI:
"An ABC audit and the resulting certificate of circulation provide important tools to help you use your circulation to build and enhance the strength and profile of your magazine. Below are a few reasons for its importance:
Reassurance for advertisers in the form of an independent verification to industry agreed standards, gives credibility to your circulation claims and your title.
Transparent and comparable data ensures all ABC audited titles are operating on level playing field.
Many advertising agencies make an ABC certificate a prerequisite for inclusion on their schedules.
The ABC certificate of circulation enables you to prove the quality as well as the quantity of your circulation.
The ABC profile certificate of circulation provides you with the opportunity to further differentiate the quality of your circulation through the use of detailed demographic data."
and so on.
Thanks for this, both for laying out the importance of the ABC audit to the readers here, and the info re: Mays' advertisers' letter. Your point is well taken. I'm not sure all of the advertisers in The Source are concerned about ABC--your regional indie labels and emerging clothing lines, say--but we can reasonably be sure that the bigger ones are.
What did you think of the main argument though? I figure that even if the circ numbers have fallen off, say, 25 to 33%, we're still talking about a very solid circ base. I suspect the sell-throughs have remained above industry norms as well--just cause of the brand name and their distribution concentrations. In other words, this base is still a goldmine for anyone half-smart enough to take it and fairly willing to work it.
Having said that, Mays has consistently overpriced the magazine, ever since he first started trying to sell it around 92-93, not long after the mag went national.
Perhaps Black Enterprise or whoever else might be hanging around to scoop it is waiting for the (inevitable?) fire sale?
I'm not sure all of the advertisers in The Source are concerned about ABC--your regional indie labels and emerging clothing lines, say--but we can reasonably be sure that the bigger ones are.
probably true, on both counts.
I suspect the sell-throughs have remained above industry norms as well
I have good, damn near evidential reasons to believe this is not true, except for maybe a random issue, here and there.
In other words, this base is still a goldmine for anyone half-smart enough to take it and fairly willing to work it
this is absolutely true, but there are other places -- obviously Vibe, and XXL, but also the smaller, more regional magazines, like the new Down, as well as Feds and Murder Dog and the rest. The Source is down, but not out. But they are not operating right now as a professional media outlet. In this crazy world, though, (everybody loves a trainwreck; everyone loves a fall-and-then-rise from disgrace), that might just end up helping them.
Mays has consistently overpriced the magazine, ever since he first started trying to sell it around 92-93, not long after the mag went national
this I don't have the chops to comment on.
Perhaps Black Enterprise or whoever else might be hanging around to scoop it is waiting for the (inevitable?) fire sale?
Mays will never sell. He'd ask for nickels on the street before he sold. Regardless of what the Source is right now, they did start this whole hip hop journalism thing. Mays, sell? I'll eat my fitted.
But on the last point, didn't Mays already give up some ownership in the 2002 deal with BE? By the way, the $17 million investment was supposed to go towards launching new niche magazines targeted at--cough cough--women and children. Hey, I just report em.
didn't Mays already give up some ownership in the 2002 deal with BE?
ownership is not, at least in this case, control. to truly sell would mean to give up control. When Essence sold half to Time Inc., they gave up very little control. Now that Time Inc. owns all of Essence note the firings/resignations/switcheroos and the (current and coming) changes in regard to who's really running things. That The Source would exist the world, and Dave (and his partner) would have nothing to do with it, is not a world those two believe in. That magazine IS ALL THEY HAVE. If it was only about money for them, they'd run their business better, or hire a thorough someone to run it. It's about the power and control and influence they have -- that's what floats their boats, gives them a reason for getting up in the morning. If they sold, and got zillions (or even just millions), all Mays and BenZ would do, is start another magazine.
the $17 million investment was supposed to go towards launching new niche magazines targeted at--cough cough--women and children.
yeah, um, right.
Hey, I just report em.
which is why I come here.
Ok, let's float a theory and see what folks think. And hey, while we're at it, let's all float all the theories we'd like.
Here's theory 1: There is a hostile backdoor play at work to takeover The Source. When the harassment suit is filed, Benzino is hurriedly brought back as a way to draw cover fire, and to reassure investors in the play that the new management will be much better and that the magazine will be devalued.
Thoughts, people?
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