Market Forecast for the United Kingdom Global Magazines Report Today
Magazine Publishers produce and distribute magazines, periodicals, and newsletters for consumers. These products can be printed or digital. The industry is forecast to face challenging operating conditions as subscription figures are lower, online alternatives to magazines increase and the cost-of-living crisis reduces single-copy sales.
This report examines consumer behavior towards print and digital magazines, interest in AR innovation, and the impact of the cost-of-living crisis on the UK magazine publishing market.
Market size
The market size of United Kingdom global magazines report today is estimated at USD 3.90 billion in 2020 and is expected to expand at a CAGR of 6.3% from 2021 to 2028. Increasing demand from advertisers for digital magazines, rising penetration of smartphones and tablets across the world, and increased awareness of digital media content are some of the key factors that drive the growth of this market. While the cost of living crisis will present a new challenge for magazine publishers, effectively tailored discounts and deals will be crucial to retain and attracting budget-conscious subscribers.
The UK consumer magazine industry is dominated by a few major players. The three leading companies – Bauer Media, Immediate Media Company, and Future Plc – accounted for an estimated 37% of circulation in 2020.
In contrast, business-to-business (B2B) magazine publishing remains much more diverse. Mark Allen, the largest publishing group according to reports to ABC, controlled 12% of B2B magazine circulation in 2020.
Market forecast
The market forecast for the United Kingdom global magazines report today includes an in-depth analysis of key market drivers, trends, and challenges. It also provides insights into the competitive landscape of the market and profiles key players.
The global market for magazine publishing is expected to witness steady growth during the forecast period. This is attributed to the adoption of magazines as a focused advertising platform. These publications provide advertisers with a specific target audience by industry, profession, location, and more.
In addition, the rise in social media is also boosting the demand for digital newspapers & magazines. These platforms provide better content to readers and are less expensive than print.
The market for digital newspapers & magazines is projected to grow at a CAGR of 6.6% from 2022 to 2028. Asia Pacific is expected to remain the fastest-growing region. This can be attributed to the rising penetration of smartphones and affordable internet in countries in Asia.
Market segmentation
Market segmentation is an effective way to reach your target audience. It can also help you develop products that fit the needs of your main market segment.
There are several types of market segmentation, including demographic, psychographic, behavioral, and geographic. You can also segment your customers based on the technology they use or how they interact with your website.
Demographic segmentation groups people based on their age, nationality, gender, education level, family size, and occupation. These data are often collected through surveys.
Psychographic segmentation focuses on personal values, political preferences, and aspirations. It can also be used to create a segment of people who have similar tastes or interests. Lastly, behavioral segmentation groups people based on their attitudes toward your brand and how they interact with it. This type of segmentation is especially useful when you’re launching a new product. It allows you to target early adopters. It also helps you to understand the level of elasticity each segment has to market stimuli.
Market trends
The UK consumer magazine industry has suffered a decline in total circulation, which has been driven by lower subscriptions and new online alternatives to magazines. Men’s and women’s titles, as well as music magazines, have been among the most impacted.
The decline in single-copy sales also has had an impact on industry revenue, as operators have struggled to recoup losses. However, a number of publishers have been able to change the balance between subscriptions and newsstand sales, which has helped mitigate some of the declines. Despite the challenges, the market is expected to show positive growth in the coming years. The rising penetration of smartphones and tablets is expected to boost the demand for digital newspapers & magazines.
