We’re all aware of some of the far-reaching impacts of the cost of living crisis, from the politics around it to the inevitable effect on shopping habits.
However, it is also impacting the media landscape: while there were a number of print magazine closures in the wake of the pandemic, for some titles that were soldiering on, the cost of living and energy crisis has been a death knell. For other media, it has impacted much of the content that they cover.
In October this year, trade title World Of Printing reported that “the energy crisis – on top of the effects of the pandemic and dramatically increasing paper prices – has left many printing companies in a critical situation”. An example of just one title impacted by this, is longstanding monthly magazine Choice. Aimed at an over 50s ABC1 readership, you’d be forgiven for thinking it might have been safe from the shift to digital and purse strings being tightened. Yet, the magazine has announced that after 54 years it’s set to close, due to the impact of rising energy costs on printers and paper manufacturers, and the hefty price increases being passed on to publishers.
A similar fate has been true for a number of print titles in the last year or so regardless of different business models – paid for print, free print and online – and different audience demographics. And many titles are struggling to remain commercially viable, with competition for readers and advertising budgets ever more fiercely competitive, plus consumers having more choice than ever before via a bevvy of social media platforms, blogs, podcasts and beyond.
As an aside from production costs, media titles across mediums from print through to social media are having to pivot their content. One such example is Jamie Oliver launching an Instagram series geared towards reducing food waste and cooking up one-pan-wonders. Similarly, the impacts of the cost of living crisis can be seen in Waitrose & Partners 2022-2023 Trends Report, with veg as the hero of the meal no longer just playing into plant-based eating but also offering cost-savings, and at-home cocktail making here to stay as consumers spending less time going out in a bid to cut their monthly outgoings.
For marketeers, this sharpens the lens on ensuring brand campaigns consider all of these factors, leaning into digital and social content, as well as considering what shoppers are worried about, are really looking for, and where they can fill that gap.
To chat to us about the right media mix and approach for your brand amidst the current climate, get in touch at email@example.com.