Wish you good luck in such a difficult media scene
Fast Company, world’s leading innovation in technology, leadership and design magazine, started the Turkish edition by Feb.
Rauf Ateş, former publisher of Capital, Ekonomist and CEO Life magazines, is the editor-in-chief and the founder of the Turkish edition. Having 23 years of experience in publishing business, he believes every person has a career crossroads at the age of 50. In his editorial piece, Ateş says his capital is “trust”, when he was asked whether he had capital or investors before he started the magazine.
Ad investments go lower for the magazines
As for the magazine, we have two different covers, one comes with Hamdi Ulukaya, Founder and CEO of Chobani and the other one with young people to take Turkey to the future. The magazine will always have two covers, added Ateş. The content has a good balance, combined with the original content and translations from the English version. By the way, Fast Company’s business model will be based on events, as far as I understand from the ads in the magazine. Because there were two event announcements: İklim ve İnovasyon Zirvesi (Climate & Innovation Summit) and The Future of Everything Summit, which it has been looking for partners and sponsors. No, this is not unusual for media companies nowadays. I think most media companies are running such events on a global scale. And let me tell you the ad investments for the magazines in Turkey for 2019 1H: TRY 38 million (~USD 6.2 million), according to Turkish Association of Advertising Agencies (RD) data. This figure is lagging behind cinema ad invesments (TRY 55 million, USD ~9 million). So it is vitally significant to hold such events for media companies to survive.
Print struggles in Turkish media scene
Nowadays print is struggling in Turkish media scene. There are 2.463 magazines by 2018, according to Turkish Statistical Institute (TÜİK). That stands for around 20% decline as compared to 2014. Such a scene is not attractive to magazines but I wish good luck to Fast Company Turkey and my colleagues out there.
P.S: The second is issue out now.
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