New Mexico Magazine expects to report profit after $1.4 million losses in past two years
Print This Post
There were complaints about the layoffs (“It seems like the folks at the Tourism Department are setting up our publication for an even slower and undignified death,” said one opinion piece in the Santa Fe edition of the Albuquerque Journal) but Tourism Secretary Monique Jacobson said changes to the magazine, which had lost $1.4 million during the last two years, were needed and hired new leadership for the monthly publication that is the country’s oldest state magazine.
On Tuesday (July 10), we saw this blurb in the Legislative Finance Committee’s monthly newsletter:
Officials at the Tourism Department confirmed to Capitol Report New Mexico that “the budget isn’t final but this is what we expect at this point.”
“We negotiated better rates and higher quality paper with our printer and our circulation and product fulfillment house,” Veronica Valencia, marketing and communications director for the Tourism Department wrote to us in an e-mail. “We also scrubbed our contract budget to make sure every dollar spent was maximizing the quality of our publication while minimizing the costs.”
“I am incredibly impressed by what the new leadership at the magazine has done in just one year,” Jacobson said in an e-mail. “To turn around the financials while continually increasing the quality of the publication is no small feat and I commend the new Publisher, Editor in Chief and entire team at New Mexico Magazine for their relentless pursuit of success in this endeavor.”
Can the magazine stay in the black for the forseeable future?
“The magazine world continues to be a challenging world in which to operate but we are committed to running New Mexico Magazine like an enterprise fund should be run, which means it is self sufficient,” Valencia said.
Posted under Capitol Report.
Tags: Capitol Report New Mexico, Dave Herndon, Jodi Vevoda, John Arthur Smith, Legislative Finance Committee, Monique Jacobson, New Mexico Magazine, New Mexico Tourism Department