Canadian Magazine Industry News
28 November 2008,     TORONTO
Zoomer loses about $400k in first quarter of operations
About $2.1 million was invested into the launch.

Detailed reports on an individual magazine's finances are rare, which makes today's release of first quarter results by ZoomerMedia Limited all the more fascinating. For the period ending Sept. 30, the company had revenues of $2,539,172 and expenses of $3,214,022 with a net loss after tax of $674,850.

Zoomer magazine, which launched this fall, had advertising revenues of $1,067,698 and subscription revenues of $300,026. The website earned $354,882. Costs for circulation, production, editorial and sales, meanwhile, totalled $2125,050, resulting in a loss of about $402,000 for the magazine. The company said these losses were expected as the magazine is still in heavy investment/start-up mode.

Zoomer launched this fall with Suzanne Boyd as editor-in-chief. The Zoomer vision (and control of the control) belong to Moses Znaimer, the media mogul of Citytv fame. He took control of CARP, the association for aging boomers and its magazine of the same name, last year.

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Jaded says:
Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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Help Spread the word for Orange Shirt Day on September 30 too....
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