Team Rock, which acquired a roster of music magazines from Future plc, reportedly goes under
73 positions have been ‘made redundant’ – as they say in the UK – with a few positions maintained to assist with the administrator, with the best hope being that the titles might find a new home
The UK-based music magazine publisher Team Rock is reported to have gone into administration with as many as 73 jobs lost. The company, founded in 2012 by former GMG Radio executives John Myers and Billy Anderson, was created with the acquisition of titles from Future plc including Metal Hammer, Classic Rock and The Blues Magazine. The titles were also once owned by Dennis Publishing.
“The company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option,” said Tom MacLennan of FRP Advisory, the administrators handling the bankruptcy.
A small group of employees will remain in both High Blantyre, Scotland and London to assist in management of the properties. One report said there will still be an attempt to find a buyer for the magazines.
Sales at the magazines were modest, with the Daily Record reporting that revenue was £6.5 million in the 2015, far too little to cover costs, resulting last year in a a pre-tax loss of £8.8 million.
Team Rock picked up Classic Rock and Metal Hammer from Future plc in 2013 for £10.2 million, and a year later was releasing native digital editions using the Adobe Digital Publishing Suite) Future plc had been only producing PDF replica editions for the magazines prior to the sale).
“…the real difference between the old app and the new is simply readability,” I wrote in 2014 of the new app for Prog Magazine. “…with the old Prog Magazine app from Future, the replica edition produced nearly unreadable pages that required pinch-to-zoom to read. The new app, though, is designed specifically for the iPad and so will be a much more enjoyable read.”
Unfortunately, Apple killed off the Newsstand, and stopped maintaining the Magazines category in over three years ago, making it nearly impossible for readers to discover the digital editions. The lack of an ad network for digital editions also wouldn’t have helped.