News
Vibe Magazine To Close Down
By: Andres Caballero
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Tue, 06/30/2009 - 11:28
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After today, The Source will be the only major magazine entirely devoted to hip-hop and R&B music. A Vibe Magazine spokeswoman announced Tuesday that Vibe, one of the nation's top music magazines, will close immediately. The number of people to be laid off is yet to be confirmed, and employees were notified at a 2 p.m meeting. It is still unclear whether Vibe Media Group is closing as a whole or if only Vibe Magazine will close.
Quincy Jones, along with Time Warner, created Vibe in 1992. It was bought by Wicks Group in 2006 and reached a circulation of 818,00 before experiencing a dramatic downturn as a result of a troubled advertising industry. (The New York Times)
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COMMENTS
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Hearing this news just re-enforces the ever evolving tragedy within Black Media.
A publication of this stature and size was guilty of one thing, not keeping up with the changing media platforms. Even with the recession and declining print media ad spend, Vibe was in a unique position to capitalize on its broad base, however, like many of their counterparts, they chose a different path. A path that did not expand its reach beyond their print borders to other platforms enabling them to re-connect with life long readers and encourage new subscriber base.
It was sad when Vibe was sold to a private equity firm and its even more sad to hear that they are going to cease operations. A movement has to start now or Black Media as we know it may become extinct.
In my opinion next on the clock is Radio One unfortunately, they are burden with a heavy debt load, variety of media outlets that are bleeding red, and a struggling TV Network joint venture. When Radio one had access to some free capital they chose to buy Blackplanet.com instead of paying down their debt. Poor decision making such as this examples shows and a stock price under $1.00, it is now only a matter of time before the closed sign is turned on for them.