By Lauren Matison Posted October 31, 2008, 2:35 PM EDT
Condé Nast Media Group joined a growing number of downsizing magazine publishers this week when it announced mandatory 5 percent budget and staff cuts at every title. In addition to frequency reductions for young titles Men's Vogue and Portfolio, one of the first ramifications is the cancellation of the 2009 installment of “Fashion Rocks.”
Advertising Age reported Thursday that the ebb of luxury and fashion advertisers motivated Condé Nast to nix plans for next year's iteration of the program, which traditionally features a supplemental magazine carried in most of the publisher's titles, a televised concert, and several high-profile parties. “Due to the toughness in the ad market, we have decided to put both 'Fashion Rocks' and 'Movies Rock' on hiatus for 2009,” Richard Beckman, president of the Condé Nast Media Group, said in a statement through his spokesperson.
A spokesperson could not comment on a possible 2010 return for the program.