With rare exceptions, making money in news means publishing either the cheap kind that attracts a very large audience, and making money from ads, or the expensive kind that is critical to a small audience, and making money from subscriptions. Both are cut-throat businesses; in rich countries, many papers are closing. But among magazines there is a new sense of optimism. In North America, where the recession bit deepest, more new magazines were launched than closed in 2011 for the second year in a row.
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