Time Inc. Shifts Toward Video as Eyeballs Move Online
NEW YORK (Reuters) - Time Inc, publisher of magazines including People and Sports Illustrated, is turning to the internet to distribute its growing cache of video material and television shows, part of a plan to counter fast-declining print advertising revenue.
The move shows that even the largest traditional publishing companies can no longer ignore the power of video to attract younger viewers, and that Facebook Inc and Netflix Inc are the dominant ways to reach them.
Time is planning to launch a new streaming cooking-competition show called “Homemade vs. The Internet” later this year on Facebook’s new video service, David Flumenbaum, Time’s executive director of digital video, told Reuters.
Facebook rolled out its new Facebook Watch video service to all users on Thursday, hoping to challenge Alphabet Inc’s YouTube with a variety of shows.
Time has also inked deals for its longer TV programming to streaming services Netflix, DirecTV Now and others, as well as traditional broadcasters PBS and the Oprah Winfrey Network, said Ian Orefice, Time’s head of programming.