While the Hispanic population continues to grow, Hispanic magazines have been hit by the decline of the ad market as hard as the rest of consumer magazines.

Hispanic magazine ad pages slipped 17.2% through the first two months of 2009, with revenue falling 20.9% during the same period, according to a new report from Media Economics Group, reports Folio.

The largest decline in ad pages came from Meredith’s Siempre Mujer, which fell 39.8% for the first two months of the year. People en Espanol followed, at -24.8%. Latina fell 27.6%, Reader’s Digest Association’s Selecciones fell 13.9% and Cosmopolitan en Espanol fell 7.4%.

Source: Media Buyer Planner

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