Conde Nast’s digital operation, CondeNet, is reportedly bracing itself for a further round of budget cuts in the new year.
One source has told the New York Post that first-quarter revenues at the glossy magazine publisher could be down as much as 30 per cent year on year.
Another executive tells the paper: “Digital accounts for only three percent of their total revenue. They don’t make a penny on digital – and they never have.”
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