It’s a tough time for everyone and just yesterday, one of the well-known magazine-publishing companies in Malaysia, Blu Inc Media Sdn Bhd announced their decision to close down operations beginning April 30, 2020 (Thursday).
Blu Inc Media has been in the business for almost four decades and well known for producing 20 local and international lifestyle titles that include CLEO, Her, World, Harper’s Bazaar, Cosmopolitan, Marie Claire, Jelita, Glam, The Peak, Female and others in three languages – English, Malay and Chinese.
1. The business had been suffering over the past couple of years
In a letter signed by CEO Datin Azliza Tajuddin, she addressed that the business had been suffering over the past couple of years. The board of directors have come to a decision to cease all its digital and printed publications under Blu Inc.
The printed magazine has started to decline in popularity because of the advancement of technology. Many publications have shifted to digital to adapt lower cost and it brings more readers and environmental sustainability.
2. Movement Control Order has made it even worst
Moreover, the Covid-19 crisis was ultimately the final nail in the coffin. “With the current MCO to contain Covid-19, the losses continued even more for the months of March and April, and this trend is expected to continue for the next few months.”
3. Even with increasing investments to build its digital capabilities, it was still uncertain
According to Datin Azliza Tajuddin, while they have made increasing investments to build their digital capabilities, the business had been under tremendous challenge from the digital disruption. It was still unclear whether they had gained sufficient traction while the losses continued to increase.
“It is uncertain that we will be able to see any light at the end of the tunnel,” she said.
Most employees will be contacted separately via e-mail about their respective employment status. In times of crisis, we hope all affected employees can still survive – there’s still hope.
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