Forbes' Egg Crumbles Under Economic Pressure
DAVID E. KALISH
Jan. 05, 1991
NEW YORK (AP) _ Egg, a magazine about city night life created by publisher Malcolm Forbes shortly before his death last year, announced its own obituary Friday.
The monthly magazine reviewed clubs, restaurants and music in New York and Los Angeles. Egg's final issue will be in March.
Egg's bicoastal coverage wasn't enough to keep it from succumbing to economic forces that gobbled at least a dozen major magazines in 1990, experts said.
In a statement, the magazine blamed ''the deteriorating economic climate, particularly in New York City.''
''The advertising environment for that kind of magazine is about as dismal as environments get,'' said John Motavalli, executive editor of Inside Media. ''You can't get blood out of a nonexistent stone.''
In the past year, restaurants and clubs in major metropolitan areas as well as major national advertisers significantly reduced their ad spending as the economic slump took its toll on their customer base.
Egg had 469 pages of advertising since its premier issue last March, but experts said that number would be far less this year were it to continue to publish.
Its circulation of 75,000 remained about the same during its year-long existence and was not expected to increase considerably in 1991.
Before his death last February, Forbes, chairman of the firm that publishes the business magazine bearing his name, turned his interest in the New York club scene into the magazine's guiding spirit. To kick off Egg, Forbes threw parties at some of New York's hottest clubs.
But some experts said after the chairman's death of a heart attack at the age of 70 on Feb. 24, the publishing company's impetus to back the money- losing magazine waned considerably.
Magazines that closed in 1990 included Smart, Psychology Today, Mother Earth News, New England Monthly, Women, 7 Days, Business Month, Men's Life, Fame and Memories, Motavalli said.