Buzzmedia Acquires Spin Magazine
Spin Media is an alternative music magazine that has been sold to Buzzmedia, a web company that runs several music and celebrity websites. Buzzmedia runs music websites Stereogum, Hype Machine, and Idolator. Buzzmedia will gain ownership of Spin’s 27-year-old print magazine, website, iPad app, and live event business. The financial terms were undisclosed. Spin was previously sold to publisher McEvoy Group for less than $5 million in 2006. Buzzmedia CEO Tyler Goldman said that they plan to expand Spin’s digital staff.
“Spin to us is more than a print magazine,” said Goldman said. “It’s a great media company for storytelling around music and music culture. People are using multiple platforms to consume more content and context from the brands they believe in, and we see the ability for Spin to bring more storytelling to digital platforms.”
Spin’s circulation was at around 530,000 about 10 years ago, but it had fallen to 350,000. Buzzmedia receives around 120 million unique visitors each month across their websites and they sell advertising across all of them. Spin works with major advertiser partners like Apple, Ray-Ban, and Honda.
It is unclear what will happen to the company’s print business, but I can foresee that there will be some scaling back of it. “We believe print is important for Spin,” said Goldman. “As we continue to invest in the platform, we’re going to look at defining what that role is.”
[NY Times]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry