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CUTTING BACK: New York magazine said Thursday it would cut its rate base and increase its subscription price for new readers that will hopefully bring in more circulation revenue to the weekly city title. The magazine said it would trim its rate base by 6 percent to 400,000 and increase the introductory subscription price to $24.97 from $19.97. The $5 increase for new subscribers is a 25 percent increase. New York charges more for returning customers, topping its subscription rate at $59.97. Additionally, New York has also reduced the number of issues it sends to newsstands and cut the number of public-place copies it sends to locations such as doctor’s offices, salons and spas. “We believe that our magazine is valuable and worth paying for, and history has shown that our readers feel the same way,” said publisher Larry Burstein of the moves. “By reducing our circulation slightly and lowering our newsstand draw, we’ll be able to better target our magazine to the readers who will be most engaged with the product.”
According to figures from the Audit Bureau of Circulations, New York sold 21,973 single copies a week on average in the second half of 2008, and its total paid and verified circulation has remained flat at 431,626. But advertising revenue for the magazine has taken a dive (as it has at most magazines) and the title has trimmed its circulation schedule by three issues this year — one fewer in January, two fewer will be published this summer. It also decided not to publish its fashion semiannual special Look. Through May 18, ad pages for New York have declined 39 percent, to 732, according to Media Industry Newsletter. The figure includes one extra issue in 2008.