There’s a great article today in CJR that explains why Time Inc. failed. It’s the standard tale of when hubris meets greed and they decide to work together to destroy us all.
What the article doesn’t point out is that Time Inc. deserved to die. It had it coming. At worst it was justifiable homicide, at best, assisted suicide. Of course, all the players that have nothing or very little to do with creating quality content left with their pockets filled. The journalists, artists, copywriters, photographers, editors, designers… not so much.
Surprised? Me either.
Yes, Time Inc. deserved its fate. Time/Life, the golden goose responsible for generating all this wealth, did not. The bullet that killed it was fired in the late 1980’s, and like LaBoeuf (played by Glen Cambell) in True Grit, it was just too stupid to know it was dead.
Synergy is what killed Time/Life. The idea that different creative types can produce a stronger, more cost effect product when they’re all working together on the same corporate team. Yes, exactly like it worked for Picasso. Not.
Time/Life had a pretty straightforward philosophy when it came to dealing with these creatives. Find the best ones and pay them twice what they’re worth.
