I’ll point this out....LHJ had 3.2 million subscriptions. You can figure at least $12 a year (monthly edition). So, they were making $3.2 million....plus advertising profits (figure one million in that department). And they couldn’t sustain a profit with $4 million pouring in monthly? How and why?
Then you look at the location....New York City. You look at editors and various journalists. I’ll bet at least twenty-five people pulling in $125k in pay and benefits yearly. Toss in another thirty people who did graphic design, photos and pulling $75k a year in pay and benefits. They were burning through forty-eight million a year with all the costs involved.
So, only a suggestion. LHJ should have packed up a decade ago and moved to Charleston, SC or Knoxville, TN. They could have cut salary structure by fifty percent.
Yep.
Though Iowa-based, editorial offices are in Manhattan, guaranteeing no knowledge of their customer base, just for a start. Then add in the fact that people in publishing in Manhattan having nothing but contempt for folks in flyover land. Fail!
I’d say you should double those salary and benefits totals. Your numbers would reflect Des Moines, not Manhattan.
Makes me wonder if it isn’t just some kind of money-laundering.