As many as 319 British magazines have been compelled to close down since 2009 as decline in advertisement revenues hit the magazine industry hardest as compared to other media, the International Federation of the Periodical Press has revealed.
In its annual report for the 12 months to October 2010, the global magazine association said the number of glossies published in the UK in 2010 dropped by 10 per cent to 2,924.
The advertising revenues earned by UK magazines dropped from $1.53bn (£0.98bn) in 2009 to $1.44bn (£0.92bn) in 2010.
ZenithOptimedia, which contributed to the report, also painted a bleak picture, saying that advertising spend in magazines will not recover much even by 2012 with a forecast of $1.45bn (£0.93bn) revenues for that year.
Jonathan Barnard, the head of publications at ZenithOptimedia, pointed out that luxury brands cut back on their magazine advertising sharply, resulting in a 20.2 per cent drop in revenues for magazines.
However, the Periodical Publishers Association (PPA) sounded optimistic in a commentary included in the report, saying that the UK consumer magazine market was "stabilising".
It said the success of magazines such as Stylist was a booster for the industry, adding that new titles, specifically free and customer magazines, could play a crucial role in this turnaround of fortunes for the market.