Real estate listings business Domain is partnering with independent publisher Broadsheet Media to revamp its magazine Domain Review as it grapples with falling print revenue.
Under the venture, Domain Review, a free Melbourne-only print title, will share its masthead with Broadsheet, a lifestyle, culture and city guide. Broadsheet is published in print six times a year in Melbourne and Sydney, and less in the other main capital cities. The new magazine, which launches in mid-August, will remain owned by Domain with editorial and design content contracted to Broadsheet.
Domain is majority owned by Nine Entertainment Co, which owns this masthead.
The title will retain the masthead to form a merged print and digital product, Domain Review Broadsheet, with editorial content produced by Broadsheet and Domain continuing to operate commercial sales.
Sources close to Domain, who requested anonymity so they could speak freely, said the company had initially been looking to offload Domain Weekly, with its separate editorial content having “no place” within Domain’s online content strategy, largely serviced by nine.com.au and Nine’s publishing titles, including this masthead.
Now a legacy print product with declining circulation, the publication continues to function as an important asset for retail clients including Marshall White and Kay & Burton in Melbourne’s heartland suburbs, according to one of the sources.
“We are thrilled to offer readers an experience like no other in its category, combining two premium content brands in one magazine as the ultimate ‘go-to’ for culture, lifestyle and property at a hyper-local level,” said chief marketing officer at Domain Rebecca Darley.
Nick Shelton, founder and owner of Broadsheet said: “We’re excited to be collaborating with Domain on the refreshed Domain Review. We’re looking forward to bringing Broadsheet’s curated approach to home, design and city culture in print every week.”
Domain has drastically reduced its permanent editorial staff for the magazine in recent years, with most content in the weekly magazine now outsourced.
Broadsheet’s editorial content will be led by its home and lifestyle editor, Jo Walker, former editor-in-chief of fashion magazine Frankie.
In February, Domain CEO Jason Pellegrino said a 16 per cent decline in print revenue year-on-year still outperformed “a challenging publishing and listings environment”.
“Print EBITDA [earnings before interest, taxes, depreciation, and amortisation] declined, reflecting the difficult revenue environment and higher print costs. However, print continues to deliver strategic value with unique audiences that have very little overlap with our digital audiences.”
Once printing seven editions across Melbourne, Domain Weekly now prints two editions to a dwindling audience, serving the affluent areas of Stonnington & Boroondara, and Bayside & Port Phillip, which will continue under the new partnership.
Launched as Weekly Review in 2010 by Antony Catalano, the publication quickly ate into the dominant market share of Fairfax Media’s Melbourne Review, taking about $20 million in advertising revenue from The Age, Catalano’s former employer.
Fairfax took a 50 per cent stake in Catalano’s Metro Media Publishing, publisher of the Weekly Review in 2011, later completing a full acquisition in 2015 after Catalano rejoined Fairfax as Domain CEO.
The refreshed identity for Domain Review now comes after another challenger title launched by Catalano, now-owner of Australian Community Media, Inner East ReView looks to compete with Domain.
Domain continues to operate two print titles, Domain Magazine, a lift-out in The Australian Financial Review on Fridays and The Sydney Morning Herald and The Age on Saturdays, as well as Domain Prestige, a print lift-out in The Australian Financial Review each Wednesday.
Content produced as part of the partnership will also be shared across Domain and Broadsheet’s digital channels, with some duplication.
Broadsheet Media was founded in 2009 by Nick Shelton as a digital and print city guide to Melbourne. It continues to publish print titles in several Australian states.
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Source: Thanks smh.com