CONDÉ NAST

COVID-19 CAUSES A FINANCIAL DOWNWARD SPIRAL FOR CONDÉ NAST

 

The effects of COVID-19 has destroyed the financial security of numerous
companies in our nation. Over 22 million have lost jobs due to the pandemic and
larger corporations can exceed lost as great as $700 million. Where does this
leave smaller publications such as Vogue, Harper’s Bazaar, and Instyle? Have
digital platforms finally taken over the future? The virus has not only spread into
mainstream society but into the everyday reality of the financial sectors of
publications. Due to social distancing rules publications are forced to halt
photoshoots, lay off staff, and suspend or possibly cancel upcoming fashion
projects. Which can result in over millions of dollars of lost income and revenue,
cancelation of partnership, and halting of printed magazines. In 2017 Condé Nast
reposted an annual loss of $120 million which resulted in a cut cost to three
magazines.
If staff are continued to be laid off, previous employees have the option to start
freelancing and using social media to generate revenue. This can result in a loss
of talent who will look for a steadier income and may not return back to
employment at the larger publications. COVID-19 has adjusted the financial belt
for companies that were not ready for a future for what the future had to hold.
Possible future predictions are publications will reinforce digital subscriptions, a
live stream of fashion shows.

 

Christian Mosi