A magazine source of well-informed knowledge about products and services. It also often serves as a means of entertainment. Modern magazine publishers have adopted digital magazines following the digitization of the global economy and the efforts to save the environment. Most readers have become used to the advantages offered by internet-based alternatives, making it difficult for print newspapers and magazines to retain their audiences. Despite the decline in the readership of magazines, however, the print publishing industry still experiences growth, albeit small. The number of magazine readers increased within 2012 and 2015, mostly among the older demographic. However, recently over 75% of magazine publications are read by under 25-year-olds.
As of 2020, the print magazine industry was placed at US$15.7 billion but due to the growing demand for information in digital form, the market is expected to decline at a CAGR of -3% by 2025. On the other hand, the digital magazine industry is expected to grow at a CAGR of 5.7% within the same forecast year. European countries such as the United Kingdom, France, Germany and Italy reportedly read the highest number of magazines, particularly in print. Despite the growing global interest in digital magazines, statistics show that most readers prefer to disconnect themselves from the internet and focus on the print magazine in hand.
Although the history of news magazine publishing in Nigeria traces back to the colonial era, statistics reveal that magazine printing only reached its peak in the 1980s, and it was that period that changed the way information was accumulated, shifted and disseminated in the country. The magazine industry in Nigeria attracted approximately $109 million in revenue in 2018 and it has since expanded in contents. The interests of the reading public are changing and expanding, and more channels that offer immediate response to these needs are arriving on the scene.
Starting a magazine business is a collective work of people directed at publishing pleasurable contents. With the adoption of the right technological tools both for print and digital publications, the magazine industry is set to bloom, and it is a worthy investment for new investors and businesspersons. If you’re planning to start a magazine business in Nigeria or any other part of Africa, this guide will get you started.
What Is A Magazine?
A is a periodical publication that contains articles and illustrations ranging from a collection of health, lifestyle, fashion, etc., aimed at a particular readership. Magazines make an essential source of information for literate societies.
What Is A Magazine Business?
The production of a magazine involves numerous steps that are carried out simultaneously by all who contribute to the outcome. They usually include; the researcher, the writer, the editorial and advertising departments, the printer, and the circulation department.
Businesses Opportunities Associated With Magazine Business In Nigeria And Across The World
1). Content Writing:
Magazines are rich sources of information meant for different sectors of the public. The information and stories covered in magazines are written by professional copywriters and content developers. They are either employed on a full-time basis by magazine firms or contracted from time to time.
2). Interview Services:
Although magazines do not specialize in producing or disseminating news like the regular newspapers, they dish out updates in specific niches and also undertake interviews with key personalities and public figures. This invariably requires the services of trained interviewers or journalists to get the best of interview sessions.
3). Graphics Design And Photography Services:
Magazines also require the services of creative photographers and graphics designers to produce quality images which do not only attract the attention of readers but also communicate the exquisite class of the magazine.
3). Editing Services:
Copywriting and content development go hand-in-hand with proofreading and editing. A magazine business also keeps copy editors and professional proofreaders employed.
Facts And Benefits Of Magazines
- Magazines gain more ad impressions than TV or Web.
- Magazines beat other media in stimulating positive shifts in purchases and rank No.1 at inspiring consumers to start an online search.
- Saturday is regarded as the best day for selling magazines. Friday is considered the second best-best day for selling the magazine, while the lowest selling day for magazines is Wednesday.
- The first magazine ever was published in 1663.
- Your ads have a much better chance of being noticed in magazines than their digital equivalents.
- Fake news and cybercrime have caused many people to be reluctant about online engagement. Readers trust their local magazine to provide news and information.
- Magazines are a publicity agent.
- An average consumer of magazine spends about 53 minutes on each issue.
- Europe reports the largest number of magazine readers per year.
- Most readers of print magazines prefer to read without distractions from the internet.
Celebrity magazines typically sell more than other categories.
Types Of Magazine
1). Popular Periodicals:
Popular periodicals are just as their name implies, “popular”. These magazines are mostly seen on newsstands. Popular magazine hold articles of national or international interest, and the information they contain is useful. The purpose of popular magazines is to provide news, entertainment, and information. Famous magazine examples include news magazines, opinion magazines, and tabloids or sensational magazines. Popular magazines are widely available and interest readers of that specific publication. They are found everywhere, from the roadside stall or big malls to the gas station to the airport, and even the market.
2). Trade Periodicals:
Trade periodicals are also called trade journals or trade papers. They are magazines whose target readers are people who work in a particular trade or industry. Trade periodicals only appeal to individuals who are interested or involved in a specific trade. They provide information on current events and trends about a particular trade or industry. They often contain news, information on products, advertisements, job notices, etc. Trade publications are not available everywhere and may only be purchased from larger bookstores or newsstands or by subscription.
3). Scholarly Publications:
Scholarly publications contain articles written by experts in a particular field of study. The articles are intended to be read by other experts or students in the same field. They are more sophisticated and advanced than the articles found in other magazines. Access to scholarly publications often requires a subscription or through a library or database.
How To Start A Lucrative Magazine Business In Nigeria: A Step-By-Step Guide
1). Identify Your Niche Of Interest:
Which niche do you want the magazine to focus on? Health, lifestyle, fashion, school, gossip etc. Determining the specific category of interest right from the start puts your efforts into perspective.
2). Write A Business Plan:
Draft a comprehensive business plan that includes all your business goals, SMART objectives, budget, source of capital, equipment needed, etc. This will help you measure your achievements against your set goals during the business.
3). Get A Production Site:
It is essential to secure a suitable business site where all activities related to the magazine business will be conducted. The site should be situated in a town for easy access.
4). Set Up The Business Site:
A magazine business involves diverse component departments. Each of the sections, ranging from the printing services to the online representation all require specific tools and devices. Set up the business space with the right equipment.
5). Employ Staff:
Professionals and experts in different fields, including copywriters, photographers, studio managers, graphic designers, marketers, journalists, distributors, etc. all drive the progress of a magazine business. Ensure to employ the services of the best personnel available to meet up with the high competition in the industry.
Challenges Of Starting A Magazine Business In Nigeria
- High competition in the industry.
- Very low readership in this part of the world.
- High startup capital
- A magazine business could be difficult to maintain.
- Competition with other forms of entertainment and sources of information.
- Digitization has grossly affected the global reading culture.
- Fluctuation in prices of materials such as paper.
To Sum It Up
The magazine industry has shifted from the era of just print to print and digital outlets. Adaptation is a necessary skill to succeed in the print media industry. The magazine business in Nigeria can be a lucrative and profitable venture to start-up, due to its vast market demand and on your ability to build a wide network. If you’re looking for a lucrative business to venture into, magazine business in Nigeria is a great option to explore.
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