We know that the For Him Magazine’s Taiwan edition had recently shut shop. Now, that magazine is not the only one which will cease publication. As two other magazines in Taiwan have also ceased their publication. Published by the Rich Horizon International Touch Media Corporation, two sport magazines will also close next month, reports Central News Agency. This is believed to be a blow to the sports magazine readership which is already decreasing.
Wang Bo-xin who is the Company president said that the two magazines namely Hoop Taiwan and MLB Magazine which report about basketball and baseball in the country will publish their final issues in June. Wang claimed that the closure of these two magazines is because of the decline of print media readership and also leading to a decrease in advertising revenues which have made it difficult for magazines to stay afloat.
Due to the decline in readership as well as fall in advertising revenues, the costs of publications and circulation of the two magazines became prohibitive. Wang also revealed that the income from two magazines in 2018 was NT$18.7 million which was 12.34 percent of total revenue from the company.
However, he said that the company lost NT$47.13 million in 2018 due to the decline of print media readership and lack of new products. This meant that the net loss was much higher than the net profit and the losses were just not sustainable for the company.
Wang also said that just 4 of its workers will be laid off from a staff of 32 members. He also estimated that the company will be spending NT$3.2 million on layoffs while also revealing that the company will act according to the Labor Standards Act.