Laura Lang, who took the reins as CEO of Time Inc. 10 months ago, sent a memo to her staff Wednesday outlining how she plans to rescue the struggling company.
The magazine publisher witnessed a six percent decline in advertising revenue to $855 million in the first half of 2012, and a seven percent decrease year-over-year in subscription revenue to $581 million.
Lang, who previously served as CEO of ad agency Digitas, outlined a three-point “growth strategy” for Time Inc. — focused on developing new advertising products, protecting paid content and developing a better content management system.
Although Lang didn’t outline the “exciting suite of [ad] products” mentioned in the memo, she described several in an interview with Bloomberg earlier this month. According to Bloomberg, ad sales teams are now being encouraged to sell campaigns that spread across multiple platforms (i.e. web, tablet and print) and multiple magazine titles, rather than just one, to better target certain demographics.
Companies will also be able to purchase content and layouts — say, a fashion spread from InStyle — to republish on their own social channels.
That should do some to boost revenue on the advertising front. On the circulation side, Lang is intent on delivering content “whenever and wherever the consumer wants.” At the same time, she wrote, “we will stop giving away so much of our content for free … we will reinvent what it means to be a subscriber.”
Could tighter paywalls be on their way to Time Inc. websites? A spokesperson declined to say.
The new content management system, now in development, will be designed to help staff deliver editorial product across platforms, Lang wrote. The company is also investing in digital video, although a Time Inc. spokesperson told Mashable that no hires have been made. “Digital video is going to grow expoentially, obviously it’s a place we need to be,” the spokesperson said.
The rest of the memo deals with promotions and project lead appointments, which you can read more about here.
No layoffs were mentioned, but they could come — as they have so frequently in the company’s past decade.