Fashion media and magazines were in difficulty before the covid crisis. Over the past decade, print advertising investments have fallen precipitously as consumers have shifted online. But for magazine publishers, crushed by the dominance of Facebook and Google, digital ads have not made up for the losses. Seemingly promising revenue streams, like affiliate marketing revenue and events, remained relatively small. And unlike The New Yorker or The New York Times, no major consumer fashion or lifestyle title has been able to build a strong digital subscription business. This leaves major fashion publishers still too dependent on declining print advertising sales. At Condé Nast, for example, print still represented 36% of turnover last year.

Prices for print advertising depend in part on circulation figures. Over the past year, total circulation of major fashion titles has declined only slightly. According to Alliance for Audited Media, comparing December 2018 to December 2019, the latest month for which data is available, Vogue's circulation increased from 1,230,101 to 1,221,258; Harper's Bazaar rose from 768,121 to 762,088; and Cosmopolitan went from 3,037,932 to 2,724,495.

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