Time Inc. kills Life mag but keeps it online
EmptyNEW YORK - Time Inc. said Monday that it will stop publishing Life, the iconic photography magazine that has been featured as a weekly newspaper insert since 2004.
Although April 20 will be Life's last print issue, the brand name will be kept alive on the Internet, Time Inc., a unit of Time Warner Inc., said in a statement.
It is the latest magazine to shut down as more readers desert print publications for online news and photos.
"Growth requires taking risks and the potential upside was huge, but unfortunately the timing worked against us," Time Inc. Chief Executive Ann Moore said. "The market has moved dramatically since October 2004 and it is no longer appropriate to continue publication of LIFE as a newspaper supplement."
Company officials were not immediately available for comment.
LIFE has had more than one Life since Time started publishing it in 1936. It shut down in 1972, but came back in 1978 before being shut down again in 2000.
Time will make Life's collection of 10 million images available online, with "the most important collection of imagery covering the events and people of the 20th century" available for free for personal use, it said.
More than 97% of the collection has never been seen by the public, Time said, and includes pictures by Alfred Eisenstaedt, Margaret Bourke-White and Gordon Parks.
The announcement comes after the company launched a redesigned version of its U.S. newsweekly Time. Earlier this year it said 289 jobs would be cut from its estimated 11,300 work force to lower costs as it invests more in the Internet.