There is no denying it — new realities have hit this industry hard.
Although the OPERATOR side of our industry reports “the bottom is here,” services experienced a 35% drop in business this year compared to last. That said, there was literally a complete halt to making capital purchases. My estimates show key suppliers and industry sectors including limousine and sedan sales as well as finance/leasing have seen almost a 90% drop in sales this year.
LCT has decided to reduce the number of its magazine issues, consolidating certain months for the coming year. This enables us to work in concert with our long-standing clients — the advertisers who’ve kept LCT alive for nearly 30 years. There seems to be no net gain for anyone now to mail out LCT on a monthly basis. It is placing an enormous strain on our customers’ budgets as they struggle to stick it out with LCT.
Into 2010, LCT will select specific months to consolidate. We have been down this road before in the early 90s, and are fully prepared to add issues back into circulation as the industry suppliers recover from the drastic losses experienced during the past year.
For our subscribers, our overall content value keeps improving. LCT has been steadily growing its websites, e-newsletter, and blog throughout 2009. LCT DIGITAL HERE. We increased our overall subscriptions to include 1,000 tour bus operators and diversified our magazine’s editorial to keep out front on industry trends and developments. Your paid subscriptions will be extended so you receive the corresponding number of issues for which you have paid.
One approach we will not take: Create the illusion of a viable monthly industry magazine by giving away free ads, trade-out deals, and free one-year subscription extensions. We are dedicated to profiling and supporting our paying clients, as that is what we deem responsible and ethical. LCT remains committed to its viable business model as an independent profit center based on superior content, digital innovation, and multi-tiered advertising and marketing services.
I would like to assure you that LCT has the firm leadership and backing of Bobit Business Media, a B2B publishing and content provider with a 48-year track record as a strong, profitable company — even during the sharpest, most sustained economic downturn since WWII.
Throughout this year and into 2010, you can be confident that Limousine Charter & Tour will stay on top of industry changes and needs. Our involvement with and devotion to this industry spans three decades. We plan to lead the industry well into the fourth and beyond.