Case Report: PRIMEDIARochester Institute of Technology

Media Industries AnalysisFebruary 15, 2006

By: Kimberly Bracken & Jesse Kraker

Table of Contents

Introductions_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 2

Executive Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 5

Products and Services_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 6

Key Clients _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 8

Key Competition_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 8

Financial Information _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 9

Success Story: Acquisition of RentClicks.com _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 10

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 10

Appendix A: List of Enthusiast Media Publications _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 11

Sources _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pg. 12

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Introduction

More than 65,000 publishers operate in the United States. The three main forms of print publishing are newspapers, magazines, and books. With increased competition from the Internet, publishers are now considering extending their reach through a new form of publishing, electronic publishing. Many publishers are also looking to new business ventures to increase their revenues such as extending their brand names through live events and trade shows, other forms of print publishing, televising programming, product licensing, and more. Many have established Web sites that offer their publication’s content in an online form, in hopes of attracting new readers.

For the past 250 years, magazines have disseminated information and opinion. They have informed and advised us socially, politically, and economically over the years. Magazines are now starting to evolve into newer formats as publishers revolutionize the way they deliver editorial content.

Magazines are becoming more accessible than ever before due in part to the introduction of desktop and electronic publishing, and the emergence of the Internet. There are now more than 10,000 magazines published in North America, and close to 2,000 online magazines with more being created every day. About 87% of the U.S. population, 18 years or older, reads one or more magazines during an average month. Most magazine consumers are under the age of 55, with 18 to 24 year olds being the heaviest readers of magazines.

Magazine MarketsThe magazine industry can be broken down into three broad markets: consumer magazines, business/trade magazines and professional journals. The consumer magazine market is the most popular market of the three, and can be broken down further into general interest and special interest publications. General interest magazines are those that appeal to general age groups, genders, demographics, and/or lifestyles.General interest categories include:

1. News2. Businesses3. Finance4. Entertainment5. General sports6. Women7. Men8. General editorial

The market for special interest titles is much more widespread. Special interest magazines are more focused in content and targeted to a more specifi c group of people than general interest publications. Titles can be found in virtually any category imaginable. Special interest publication categories include:

1. Computers 5. Home 2. Cars and trucks 6. Travel3. Health and fi tness 7. Arts and crafts4. Specifi c sports

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How magazines make moneyMagazine publishers make their revenue through two ways: circulation and advertising. In 1999, about 56% of industry revenues came from advertising, and the other 44% came from circulation dollars. About 70% of magazines are sold by subscription, and the other 30% are single copy sales, sold in stores such as supermarkets, airports and bookstores.

Since 1995, magazine advertising revenues have accounted for approximately 6.8% of total US advertising revenue. In 1999, the total amount of US magazine advertising revenue was $11.5 billion and was expected to reach $16.4 billion by 2004. The top 10 categories of advertisers account for over 55% of total magazine advertising. The top 10 categories based on 1999 data are:

1. Automotive accessories and equipment2. Technology3. Home furnishings and supplies4. Cosmetics and toiletries5. Direct response6. Apparel and accessories7. Financial, insurance, and real estate8. Food and food products9. Drugs and remedies10. Media and advertising

Major Magazine PublishersThe magazine industry is made up of many companies, ranging from small one-publication publishers, to large multi-publication international publishers. However, four publishing companies dominate the industry and account for over 75% of all magazine revenues.The top 4 magazine publishing companies are:

• Time Inc. – The largest magazine publisher in the United States, owning popular publications such as Life, Money, People, Sports Illustrated, Entertainment Weekly, and Time.

• Bertelsmann – Though based in Germany, they publish several popular U.S. magazines such as McCall’s, Family Circle, YM, and Parents.

• Reader’s Digest Association Inc. – The company’s title magazine, Reader’s Digest, is distributed all around the world in 48 different editions.

• Meredith Corporation – Publishes popular home magazines such as Better Homes and Gardens, Ladies Home Journal, Traditional Home, and Midwest Living.

Magazine Publishing Trends

MergersThe magazine industry is clearly a very concentrated industry, which is evident by the large amount of total magazine revenues (75%) held by only 4 publishing companies. This heavy concentration has been caused by a trend of consolidation and mergers/acquisitions in the industry.

Figure 2: Time Incʼs Time MagazineSource: www.time.com

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Diversifi cationA major trend right now in magazine publishing is magazine brands diversifying themselves by expanding into other industries such as hosting live events, television programming, and product licensing.

Technology ChangesAdvanced computer technology has certainly played an important part in the transformation of the magazine publishing industry. New computer technology is making magazine publishers much more effi cient, allowing them to publish with much fewer employees, has led to downsizing in the industry, and is pushing companies to extend their brands through the Internet.

Increased CostsIncreased paper and postage costs are big issues that publishers are facing. A major trend in the industry has been, and will continue to be, focusing on controlling these and other production costs. Publishers are also looking towards alternatives to print, which would allow them to publish their titles without some of the traditional production costs such as paper and postage. Many publishers have now created online, electronic editions of their magazines. Electronic editions offer a new way for publishers to increase their advertising revenues and to give advertisers the opportunity to reach a broader audience. However, these on-line versions are not yet viable substitutes for their printed counterparts. Publishers still have not found an adequate solution as to how to create circulation revenue from their on-line editions.

International PublishingInternational publishing will continue to be a big opportunity for American magazine publishers. Publishers have found that their special interest titles are especially popular in international markets. The most lucrative international markets for US publishers are Europe, Latin America, the Middle East, Asia, and Africa.

Special Interest TitlesThe number of special interest titles has increased dramatically over the past few decades, and is expected to continue to increase. Special interest titles are attractive to advertisers because they give them the opportunity to reach highly targeted niche markets with their advertising messages.

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Executive Summary

Calling itself the “leading targeted media company in the United States,” PRIMEDIA started as K-III Holdings in 1989 through acquisitions of Intertec Publishing and Newbridge Communications. In 1991 K-III doubled its number of operating divisions through the purchase of Newfi eld Publications as well as the Weekly Reader and Funk & Wagnalls. Later that year, K-III bought out several publications from Rupert Murdoch’s News Corp, including the Daily Racing Form, Seventeen, and Soap Opera Digest. By 1993 K-III had made $1.3 billion in acquisitions, but was still having trouble starting its own publications; they test marketed Soap Opera Illustrated and Soap Opera Illustrated and Soap Opera IllustratedTrue News, but both publications failed.

PRIMEDIA’s current education television program, Channel One Network, was acquired in 1994 along with apartment rental guide publisher Haas Publishing. In 1995 K-III went public, and two years later changed their name to the current PRIMEDIA, because, according to then CEO Reilly, “K-III is a horrible name.”

In 1998 PRIMEDIA acquired two publishing division of Cowles Media, which included 35 enthusiast and trade magazines and 15 trade shows. They also bought out nine teen-oriented magazines from other publishers. The next year Reilly retired as PRIMEDIA’s CEO and was replaced by former NBC executive Tom Rogers.

PRIMEDIA’s Consumer Magazine & Internet Group was formed in 2000 through realignment and consolidation of its publishing and Internet operations. The realignment was made to better organize their publications with their respective web site complements. In 2001, in an effort to enhance their magazine business, they bought 60 magazine titles from Emap USA. Three major magazines included in the deal were Teen, Motor Trend, and Hot Rod.

CEO Rogers resigned in 2003 and was replaced by Kelly Conlin. That year, and earlier in 2002, PRIMEDIA sold or shut down several of their mainstream titles (including Modern Bride, New York, Seventeen, and Teen) in an effort to focus on their current target media identity.

In the past few years, PRIMEDIA has focused on streamlining the company and highlighting its stable of enthusiast titles. The current company is divided into four business segments: PRIMEDIA Enthusiast Media, PRIMEDIA Consumer Guides, PRIMEDIA Education, and PRIMEDIA Enterprises (trademark and content licensing division). In 2005 the Consumer Guides unit acquired AmericanHomeGuides.com, an online new home listings site, and agreed to buy a majority stake in Automotive.com, with plans to buy the entire company by 2010. Current CEO, Dean Nelson, replaced Conlin in 2005. Also in 2005, PRIMEDIA sold its Business Information segment for $385 million, a net gain on the segment of around $219 million.

After a thorough search of the company web site, published information and other sources, PRIMEDIA’s mission and vision statement could not be found. Judging from the company provided information, it is obvious that PRIMEDIA’s goal is to reach targeted niche markets with content specially tailored to that special interest. PRIMEDIA “specialize(s) in matching the right message to the most relevant audience.”

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Products and Services

PRIMEDIA’s assets comprise over 135 target media brands, which include print publications, web sites, events, newsletters, and video programs. Its media products can be divided into three market segments: Enthusiast Media, Consumer Guides and Education. The Enthusiast Media segment comprises more than 60% of PRIMEDIA’s revenue (see table 1 for PRIMEDIA’s 2005 revenue breakdown by market segment).

PRIMEDIA Enthusiast MediaAccording to PRIMEDIA, their Enthusiast Media group is America’s number one special interest publisher, with over 120 enthusiast magazine brands, spanning the following 13 categories:

• Consumer Automotive• Performance Automotive• International Automotive• Action Sports• Crafts• Equestrian• Gems• Marine• Entertainment• Home Technology• Home Photography• History• Outdoors

PRIMEDIA is the market leader in the Automotive, Actions Sports, Crafts, History, Marine, Equestrian, and Home Technology publishing categories. Their special interest titles generate more ad pages than any other publisher (see fi gure 3). For a complete list of PRIMEDIA’s enthusiast magazines refer to Appendix A. The magazine brands include their printed publication and also the following non-print entities:

• Web sites - PRIMEDIA’s more than 115 online properties are the 15th most visited consumer web sites in the US.

• Live events - They host more than 200 special events annual, such as Hot Rod Power Tour and Snowboarder Super Park.

• Television programming - The Enthusiast Media segment produces 10 special interest programs in the outdoors, automotive, and crafts categories. Their programming includes Hot Rod TV and In-Fisherman TV.

• Branded merchandise - More than 340 branded products, such as apparel, toys, furniture and automotive accessories are sold in popular retail outlets all over the country such as Wal-Mart and Target.

2005 Revenue $ mil. % of totalEnthusiast media 513.7 64Consumer guides 236.4 30Education 48.2 6Total 798.3 100

Table 1: Revenues from the fi rst 9 months of 2005, broken down my market segmentSource: PRIMEDIA 3rd quarter 2005 results

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PRIMEDIA Consumer GuidesPRIMEDIA’s Consumer Guides segment is America’s largest publisher and distributor of apartment, new home, and auto guides. It publishes over 36 million guides annually, and is comprised of:

• Apartment Publications Group - 81 publications containing the most extensive group of apartment rental guides in the United States. With distribution in over 16,000 locations, the apartment guides have a combined monthly circulation of 1.6 million, and along with their sister web site ApartmentGuide.com, generated over one million leases for apartment property managers in 2005.

• New Home Publications Group - Consists of new home publication guides in 25 regional markets.

• Auto Guide - PRIMEDIA Consumer Guide’s latest division. Auto Guide and AutoGuide.com feature comprehensive listings of vehicles for sale by auto dealers in 14 markets from California to New England.

• Interactive Division - Operates PRIMEDIA’s real estate and auto web sites, including ApartmentGuide.com, AutoGuide.com, NewHomeGuide.com, AmericanHomeGuides.com, Rentals.com, MovingResourceGuide.com, and newly acquired RentClicks.com.

PRIMEDIA EducationPRIMEDIA’s Education segment is comprised of Channel One News, Films Media Group, and Interactive Medical Networks. The segment “empowers millions of students to learn with educational media programs.”

• Channel One News – As the leading source of news and information for teens, Channel One News is the highest Nielsen rated teen television program in the country. The 12-minute daily news and education program is broadcasted to over seven million students in 350,000 classrooms nationwide.

• Films Media Group – A leading provider of educational media products in North America. Films Media Group provides over 12,000 educational programs, and is comprised of Films for the Humanities & Sciences, Cambridge Educational, Meridian Education and ShopWare.

Figure 6: ApartmentGuide.com logoFigure 6: ApartmentGuide.com logoSource: www.apartmentguide.com

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Figure 8: Channel One NewsSource: www.channelone.com

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Key Clients

As a publisher, PRIMEDIA gets their revenue from circulation dollars and advertising space. Therefore, their clients are their special interest consumers who subscribe to or buy single copies of their publications, attend their special events, visit their web sites, purchase their merchandise, watch their television programs, etc, and also the advertisers who purchase ad space in PRIMEDIA’s publications, web sites, television programs, and/or exhibit at their live events, etc.

For the customers who consume their publications and other offerings, PRIMEDIA provides targeted, highly specialized news, information and entertainment. For the broad range of advertisers, PRIMEDIA provides the opportunity to reach and advertise to highly targeted niche markets. For example, one of the many advertisers in PRIMEDIA’s Skateboarder Magazine is DC Shoe Company, a maker of skateboarder shoes, snowboarding boots and lifestyle apparel. Skateboarder Magazine provides DC Shoe Co. the ability to get their advertising messages out to the specifi c niche markets that would be consuming their products, because the readers of Skateboarder Magazine are the same consumers who would be buying DC Shoe’s products.

The most important advertisers for PRIMEDIA, in terms of total dollars spent, are automobile manufacturers. Automobile manufacturers advertise in a broad range of PRIMEDIA’s publications, but mainly in their consumer and enthusiast automotive segments including popular publications Motor Trend and IntelliChoice.

Key Competition

• Time Inc.With over 140 magazines in its collection, Time Inc. is the leading consumer magazine publisher in the United States. Their titles include both general interest magazines such as People, Sports Illustrated and Time, and special interest magazines such as Field and Stream, Skiing and Yachting. They compete with PRIMEDIA for position, and thus readers and advertisers, in the different special interest categories that both companies publish in. For example: Time Inc.’s Skiing competes for readers and advertisers with PRIMEDIA’s ski magazine Powder, and their Yachting title competes with PRIMEDIA’s marine line of publications such as Power and MotorYacht and Power and MotorYacht and Power and MotorYacht Voyaging.

• World PublicationsPublishing over 20 titles, World Publications is a leading publisher in the marine and water sports categories. Like PRIMEDIA, they have focused on building a strong on-line presence for their publications. Their titles include Garden Design, Saveur, Power Cruising, and Sport Diver. World Publication’s line of marine and

Figure 9: Time Inc.ʼs YachtingSource: www.amazon.com

Figure 10: PRIMEDIAʼsPower & MorotYacht

Source: store.primediamags.com

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boating publications, such as Boating Life, Power Cruising and Sailing World compete for Sailing World compete for Sailing Worldposition with PRIMEDIA’s line of marine publications. In the same sense, World Publication’s line of water sport publications, such as WaterSki, Wake Boarding and Windsurfi ng, compete for position with PRIMEDIA’s line of action sports magazines.

• Hachette Filipacchi Médias (HFM)Based out of France, HFM is the world’s largest magazine publisher. They generate more than 50% of their sales outside of France, and produce 262 magazines in 39 different countries. Their titles include Bon Voyage, Elle, Parents, Car and Driver, and American Photo. Many of HFM’s special interest titles fall under the same categories as PRIMEDIA’s publications, and therefore the two companies compete for position within those categories. For example: HFM’s consumer automotive titles Car and Driver and Road and Track compete with PRIMEDIA’s Road and Track compete with PRIMEDIA’s Road and Track Motor Trend and other consumer automotive titles; HFM’s American Photo and Popular Photography and Imaging compete in the home technology and photography category with PRIMEDIA’s Shutterbug and Petersen’s PHOTOgraphic.

Financial Information

2004 Sales (mil.) $1,307.11-Year Sales Growth 13.3%

2004 Net Income (mil.) $35.51-Year Net Income Growth (8.7%)

Revenue (mils) for nine-month period ended September 30 2005 % of total 2004 % ChangeAdvertising 492.2 61.7 484.3 1.6Circulation 183.0 22.9 192.8 (5.3)Other 123.1 15.4 105.4 14.4Total 798.3 100 792.5 0.7

Expenses (mils) for nine-month period ended September 30 2005 % of total

Cost of Goods Sold 179.8 26.8Distribution/Circulation/Fulfi llment 150.8 22.8Labor 235.8 35.7Other expenses 97.4 14.7Total 660.8 100

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Success Story: Acquisition of RentClicks.com

On January 31, 2006, PRIMEDIA announced their acquisition of RentClicks.com, the largest online marketplace for small unit rental properties. RentClicks.com houses over 12,000 active listings, and is visited by more than one million potential renters each month. Small unit rentals are the largest segment of the rental market, and with this acquisition PRIMEDIA becomes the leader in the Small Unit Owner (SUO) rental market. One of the most lucrative segments of the marketplace, the SUO rental market accounts for 70% of the total rental market, and is comprised of rental houses, townhouses, condos and single unit apartments. The acquisition of RentClicks.com strengthens PRIMEDIA’s already strong and dominating presence in the consumer guides marketplace.

Summary

The publishing industry is an always evolving industry as new challenges arise for publishers to contend with. Publishers are now facing rising costs and increased competition from other media such as Internet publications. To deal with these challenges, publishing companies, and especially magazines, have embraced the Internet as a new and cheaper format to publish and advertise their titles. Other trends in the magazine industry include the rising number of special interest titles, and publishing companies turning toward international markets for new opportunities.

PRIMEDIA has been constantly evolving and restructuring over its more than 25 years of existence. With its Enthusiast Media division, it has repositioned itself as a leader in the special interest magazine market. In 2005, PRIMEDIA sold off their Business Information trade magazine segment, one of their four main business units, and are now focusing on their remaining three units: Enthusiast Media, Consumer Guides, and Education segments. Enthusiast Media is their principal segment, and it can be broken down by magazine category, with their automotive category being the largest.

PRIMEDIA’s customers, like most magazine publishers, can be broken down into two groups: consumers who purchase, visit, or watch their many media offerings, and advertisers who advertise through their publications/media products. Their main competition are the many magazine publishers who publish titles in the same special interest markets as PRIMEDIA’s publications. Three competitors discussed in this case were Time Inc, World Publications, and Hachette Filipacchi Médias, but PRIMEDIA competes with many more publishers and media companies than these three.

In the writers’ opinion, PRIMEDIA will continue to penetrate current and new special interest magazine markets, as well as build on their dominating consumer magazine segment. They will further develop their on-line presence with both their magazine brands and consumer guide web site counterparts. PRIMEDIA has positioned themselves as a leader in special interest and consumer guide publishing, and will continue to build on this position. We would not be surprised to see them sell off segments of their Education unit in an effort to focus more assets on these two stronger business divisions.

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Consumer Automotive• Automobile• IntelliChoice• Motor Trend• Motor Trend Classic• Truck Trend• Wardʼs AutoWorld• Wardʼs Dealer Business

Performance Automotive• 4Wheel & Off -Road• Classic Trucks• 4Wheel Drive & Sport Utility• 5.0 Mustang & Super Fords• ATV Rider• Car Craft• Chevy High Performance• Circle Track• Corvette Fever• Custom Classic Trucks• Custom Rodder• Diesel Power• Dirt Rider• Engine Masters• Four Wheeler• GM High-Tech Performance• High Performance Pontiac• Hot Bike• Hot Rod• Hot Rod Bikes• Jp• Kit Car• Mini Truckinʼ• Mopar Muscle• Motorcycle Cruiser• Motorcyclist• Muscle Mustangs & Fast Fords• Mustang & Fords• Mustang Monthly• Off -Road• Popular Hot Rodding• Rod & Custom• Sport Rider• Sport Truck• Stock Car Racing• Street Chopper• Street Rodder• Super Chevy• Truckinʼ• Vette

International Automotive• Car Audio and Electronics• European Car• Eurotuner• Honda Tuning• Import Tuner• Lowrider• Lowrider Arte• Sport Compact Car• Super Street• Super StreetBike• Turbo & High-Tech Performance

Action Sports• Bike• Canoe & Kayak• Climbing• Powder• Skateboarder• Slam• Snowboarder• Surfer• Surfi ng

Crafts• CrafTrends• Creative Machine Embroidery• Creating Keepsakes• McCallʼs Quilting• McCallʼs Quick Quilts• Paper Crafts• Quilterʼs Newsletter• Quiltmaker• Sew News• Simple Scrapbooks• Step by Step Beads

Equestrian• Arabian Horse World• Dressage Today• EQUUS• Horse & Rider• Practical Horseman

Gems• Colored Stone• Lapidary Journal

Marine• Boatworks• Power & Motoryacht• SAIL• Voyaging

Entertainment• Soap Opera Digest• Soap Opera Weekly

Home Technology & Photography• Home Theater• Petersenʼs PHOTOgraphic• Shutterbug• Stereophile

History• American History• Americaʼs Civil War• Aviation History• British Heritage• Civil War Times• Military History• Quarterly Journal of Military History• Vietnam• Wild West• World War II

Outdoors• Bowhunter• Florida Sportsman• Fly Fisherman• Game & Fish• Gun Dog• Guns & Ammo• Handguns• In-Fisherman• In-Fisherman Bass Guide• In-Fisherman Catfi sh Guide• In-Fisherman Ice Fishing Guide• In-Fisherman Walleye Guide• North American Whitetail• Petersenʼs Bowhunting• Petersenʼs Hunting• Rifl e Shooter• Shooting Times• Shotgun News• Walleye Insider• Wildfowl

APPENDIX AComplete List of PRIMEDIA Enthusiast Media Publications

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