Ad pages at Condé Nast mags Portfolio and Wired are down big so far this quarter — 60% and 57% y/y, respectively.
“They are having the worst year of any publisher,” a rival publishing exec who used to work at Condé told the Post, which reports that while most of the industry is down 24%, ad pages at Condé pubs are down 30%.
“They are overstaffed and overpaid. They should have cut back 20 per cent when they cut back five.”
This exec said the problem is that Condé refuses to discount its ad rates during the recession.
“Advertisers are finding that they can buy around them,” said the Post’s source.
One Conde mag is doing OK: Golf World, which has 16.5% more ad pages through its February 23 issue.