Condé Nast hunts for new ways to make money from its titles
The owner of Vogue and The New Yorker aims to reverse years of losses by pushing e-commerce and gifts
When coronavirus hit the streets of Milan, Paris and New York, Roger Lynch had already been mapping out a plan to turn around Condé Nast’s beleaguered magazine business. Several months on, the media group’s CEO, a tech pioneer with no prior experience in publishing, said he was “totally validated” by the pandemic.
As global lockdowns put the world on pause, print advertising fell off a cliff and fashion houses were shuttered, hopes that Condé Nast, the company behind Vogue and The New Yorker, would finally turn a profit after years of losses were quickly dashed. Yet people stuck at home were watching the group’s Bon Appétit cooking videos and reading The New Yorker and Wired’s websites more than ever. ..