No Prospects: Lefty Mag's Three-Year Plan Blows £500,000

Back in 2009 the publisher of lefty snooze-fest vanity project Prospect had high hopes for his monthly magazine. David Hanger boasted of a new £500,000 investment from venture capitalists and hedge fund managers that he pledged would double Prospect’s circulation, saying he “hoped that by the end of the three years, the magazine’s circulation would almost double from its current total of about 27,000 to more than 50,000”. Now those three years are well and truly up, Guido has decided to see if the investment came good.

Prospect’s ABC figures for March 2009 put their net total circulation at 27,623. The magazine’s all-important goal of 50,000 has turned out to be a distant pipe dream. The latest available figures put its circulation at just 32,115 three years on, a rise of just 16%. The real cause for concern is the the UK paid-for number. In 2009 they sold 18,122 copies every six months, but last year that number fell to just 16,555. Not even the box office hire James Macintyre could turn things around as their Political Editor. And as for David Hanger? He has seemingly been demoted from publisher to “publishing consultant”. Half-a-million pounds down the drain and nothing to show for it. Those venture capitalists and hedge fund managers really should have known better…




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Quote of the Day

The FT’s Wolfgang Munchau on the “fake maths” of economic forecasts:

“The truth is that our ability to forecast the future beyond the current quarter is limited… The curse of our time is fake maths. Think of it as fake news for numerically literate intellectuals: it is the abuse of statistics and economic models to peddle one’s own political prejudice… The fakeness of the maths lies in an exaggerated inference. Economic models have their uses, as do opinion polls. They provide information to policymakers and markets. But nobody can see through the fog of the future.”

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