Interview: James Wildman on how Hearst UK has adapted to Covid-19
When it comes to adspend, magazine brands already face an uphill battle - investment in magazine advertising has been in continual year-on-year decline. Since the coronavirus pandemic and the UK's nationwide lockdown, that picture has only worsened, and according to the latest AA/WARC adspend forecasts, magazine brands are expected to see investment drop by -25.1% (though with a 8.6% bounceback next year).
Hearst, publisher of magazine brands such as Cosmopolitan, Elle, Good Housekeeping and Men’s Health, has been on a mission to transform its business model by diversifying revenue streams and reducing its reliance on advertising.
But with the coronavirus pandemic changing consumer habits and hitting print sales, has the publisher adapted well enough to weather the storm?
In this 20 minute interview with Mediatel News reporter Michaela Jefferson, James Wildman - president of Hearst Europe and CEO of Hearst UK - discusses what impact he's seen Covid-19 have on the business so far, and what the future holds for the publisher's magazine brands as the nation transitions out of lockdown.
This interview was conducted as part of Mediatel's Future of Publishing digital event, which streamed on June 25. Mediatel's next upcoming digital events include the Future of TV Advertising Global and the Future of Diversity: Standing Shoulder to Shoulder.