Magazines are different from almost every other product sold at retail. When sales suffer, publishers tend to raise prices.
So with newsstand sales in the celebrity category falling 12 percent this year, according to sources, guess what will soon happen?
That’s right, a price increase.
Starting Friday, People, the industry leader, will hike its price nationally by $1 to $4.99.
While issues like “Sexiest Man Alive” and other specials were already at that price, the regular weekly issues will now be there, too.
It’s the first hike in the weekly cover price in almost six years.
The gamble is that even if circulation drops by 10 percent again this year, as it did in 2013, the losses will be more than offset by the 25 percent price hike.
Said a spokeswoman: “People’s cover price reflects Time Inc.’s commitment and investment in increased paper stock and new multi-platform subscription model. Consumers and advertisers expect a premium experience from the People brand and our cover price reflects just that.”
The move also comes after Time tested an even higher price, $5.99, at many airport and train terminals.
American Media was quick to match the price hike, moving OK!, Star and the National Enquirer to $4.99, a $1 increase, effective this week.
Still at $3.99 — for the moment, at least — is Us Weekly, but sources say a price hike may take place as early as next week.
Bauer Publications, which last boosted its cover prices by $1 to $2.99 way back in 2007, is holding steady at that price for In Touch and Life & Style. Its newest entry, the weekly Closer, started out with a 25-cent introductory price last November, but has been $3.99 ever since.