Publishers Faced with a New Business-as-Usual
Posted on Monday, May 31, 2021 at 9:46 PM
In the news: The pandemic may soon be over, but in all likelihood the office as we know it will never be the same.
With the Covid vaccine now widely available across much of the United States, publishers are now faced with tough decisions about what their workplaces will look like moving forward. Despite falling Covid rates and climbing vaccination rates, many employees aren’t ready to return to the office full-time. Some may never be ready.
Major publishers such as Condé Nast are considering moves to cheaper office spaces, while others are considering more modern office configurations (e.g., unassigned desks, hybrid work-from-home/in-person arrangements, and staggered scheduling). Some editors and media professionals may work from home permanently, allowing publishers to cut costs by downsizing office space.
Digiday recently surveyed over 300 professionals from publishers, brand marketers, agencies, and platforms on the prospect of returning to the office. Jessica Davies of Digiday.com summarized the survey findings: “When asked how they felt about their forthcoming return to the office, 24% said they felt happy at the prospect, 31% said excited and 19% relieved. But 43% said they felt anxious, 9% said they were scared and 27% said they felt stressed by the prospect.” A mixed bag, to be sure. And while over half had positive feelings about the idea of returning to the office, over half also expressed concern over office cleaning, safety, and masking protocols.
Moving forward, publishers will be faced with other challenges. Davies says, “Employee expectations have shifted, with many now requesting more flexible hours.” As a result, publishers who refuse to adapt will find themselves losing existing and prospective talent to more flexible, remote-friendly companies. Read more here.
Also Notable
Rent Issues Force Condé Nast to Explore Office Options
As noted above, Condé Nast’s parent company is reportedly exploring alternatives to its expensive space at One World Trade Center. Keith J. Kelly of the New York Post reports that the company owes $10 million in back rent to the building owners (the Port Authority of New York and New Jersey). The company has been exploring alternate options in Midtown Manhattan and New Jersey. Still, Kelly says, the company currently plans to bring back most of its staff to One WTC by September. Read more here.
Hearst Offers Employee Buyouts
Earlier this month, Keith J. Kelly of the New York Post also reported that Hearst was offering buyouts to all its sales and marketing staff. The buyouts are voluntary, Kelly says, but involuntary cuts may follow if not enough staffers volunteer. “The voluntary offer is expected to be extended to about 600 of the 2,200 employees in the magazine division, the digital ad agency iCrossing and the branded content group known as HearstMade,” he reports. At this time, editorial jobs won’t be affected, as the editorial department unionized last year. Read more here.
Meredith Sells TV Assets
Earlier this month, Meredith Corp. sold the TV arm of its company for a reported $2.7 billion. The publisher plans to shift its focus back to its print and digital properties, says Kim Norvell of the Des Moines Register. The move comes at a potentially serendipitous time for the company’s magazine properties. According to Norvell, “Online magazine readership has increased during the pandemic, with digital advertising revenues surpassing magazine advertising revenue for two consecutive quarters. Digital advertising revenues in the fiscal 2021 third quarter were up 21%, according to [Meredith Corp.].” Read more here.
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