Time assembles rivals, moves toward digital newsstand
Time has assembled US magazine publishers with a view toward the creation of an amalgamated digital newsstand.
Reports say the store would allow users to buy editions optimised for mobile devices. According to the Financial Times, the service aims to protect magazines, possibly newspapers and other publications.
The move comes after a US study, ‘Going Mobile: How Publishers Are Preparing for the Burgeoning Digital Market’, found more than 80% of respondents believe people will rely more heavily on mobile devices as a primary information source in the next three years.
The Financial Times believes the business would be structured similarly to video service Hulu. Founding publishers would be expected to take equity stakes in the entity, with the project funded by its partners.
It is believed Time has been approached by publishers such as Condè Nast and Hearst Corporation and spoken to digital device producers to research what kinds of technology would be most appealing.