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Condé Nast plans to shut down the print edition of Teen Vogue this year, per WWD, leaving it with a digital-only presence. Condé Nast will reportedly instill a hiring freeze, slash budgets and cut roughly 80 jobs of the 3,000 currently filled. Many of Condé Nast's other magazines, like GQ, Glamour and Architectural Digest will face a decrease in print frequency. Others, like Vogue, Vanity Fair and The New Yorker, will not change.
Why it matters: It's a sign of the the tough times for the print industry in America, as most consumers migrate their reading habits online. Print ad revenue in the U.S. was down 17% between Q2 2016 and Q2 2017, per Standard Media Index. That's more than double what it was compared to the prior yearly loss of 8%. Magazine revenue was down 16%, compared with 9.6% the year before.