So far, 2009 has displayed a split personality. On one hand, the entire nation is filled with hope about the changes a new Administration will bring. On the other hand, dismal business news and record-breaking layoffs are wreaking havoc on our collective psyche, changing the way companies do business and ordinary Americans live their daily lives. We are spending less, saving more and putting major purchases on hold.
For Hispanics, the economic downturn has been particularly brutal. Whereas nationwide unemployment was at 7.6 percent in December, it was 9.2 percent for Hispanics. These job losses have hit many sectors hard, including Hispanic media, a space we watch very closely. Among the most notable casualties:
- Casa y Hogar, a home and lifestyle magazine temporarily halted production earlier this month as it finalizes a new direction
- Hoy NYC shuttered its doors in December, although it continues to publish online content
- SI Latino also folded, with the December/January issue of this Sports Illustrated publication being its last
- Imagen Florida, a local version of the Puerto Rican women’s magazine, stopped publishing in November
- Telemundo trimmed its nationwide staff by 5 percent in October, including top national on-air talent
Although much like the year we’ve been having, the Hispanic media landscape also is filled with promise and hope. New outlets and deals on the table include the upcoming launch in May of Abasto magazine aimed at Hispanic food entrepreneurs, the launch of Boxeo Mundial magazine and Web site last November and the collaborative deal announced in December by the Southern California newspapers Enlace, La Prensa and Excelsior to pool their resources and collectively fight the economic downturn as the newly-formed newspaper group SoCal Uno. Our fingers are crossed for all.
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