Industry Standard Shuts Down
The Industry Standard, a magazine that chronicles the Internet economy, is ceasing publication of its print magazine. As a result, 180 employees will lose their jobs. According to reports, only a few employees will remain to maintain the Web site at thestandard.com.
The Industry Standard remained 19th among all magazines in terms of ad pages for the first half of 2001, according to the Publisher's Information Bureau, ahead of Barron's, Newsweek, Martha Stewart Living and Vanity Fair. It was also ahead of competitors Red Herring (41st), Business 2.0 (63rd), Fast Company (89th) and eCompany Now (121st). But The Industry Standard also secured a spot at the top of a less enviable list—for 2001, the magazine was first in loss of ad pages and revenues. The print publication recently reported having lost more than 70 percent of its advertising revenue since its inception.
Standard Media International, the parent company of The Industry Standard, is also expected to file for Chapter 11 bankruptcy.