On May 4, 2006, the Reaper told everybody that Conde Nast's new business magazine would be "one of the richer passengers to cross over a few years from now."
The magazine, which did not have a title at that time, was a prime candidate for death, another Cargo magazine where Conde Nast spent millions of dollars for an imaginary audience.
Right on time, Conde Nast decided it had burned through enough money and foolishness, shutting down Portfolio today.
The Reaper looks back at its prediction from May 4 and is impressed with how much came true, as if I wrote the script myself.
Two years go by. Conde Nast is protecting its very expensive
investment. They will try provocative covers for a business magazine...
the Reaper will start posting Odds of Survival... reports are leaking
out that the sell-through is 20% or under... some of the reporters and
editors are returning to Fortune, BusinessWeek, and Forbes.
Portfolio will be the model of Conde Nast at its arrogant worst, but will it change their ways? Nobody wanted Portfolio. Nobody needed Portfolio. Conde Nast wanted another title to sell to advertisers, but even they abandoned ship after a few issues.
Of course, as the plug was pulled, the editor in chief touted their National Magazine Award, but they may as well use that "Ellie" as a paddle going down the River Styx today.
The other business magazines may breathe a slight sigh of relief, although it's hard to think of Portfolio as competition. However, they are still in deep trouble, and have to convince advertisers the category is viable.
I'm taking Portfolio to that special place where Barack Obama can't tax upper income citizens. The Reaper will be creating a large bonfire of all the dollar bills that went up in smoke creating Portfolio and roasting hot dogs over a pile of unused schedule cards and subscription blow in's.
