LOS ANGELES, March 20 (Xinhua) -- The venerable trade magazine Daily Variety jumped aboard the bandwagon of digital publication on Tuesday after releasing its final print edition in a bid to adapt itself to a digital age and the change of its readership.
The authoritative source of latest Hollywood news, in existence for nearly 80 years, has recorded 6 million U.S. dollars in revenues last year, a sharp drop from the 30 million dollars it made in 2006, the Los Angles Times reported.
It had a circulation of about 28,000 five years ago, but its profits have kept dropping, according to reports.
"We were delivering a print product, telling you stories you've already read on our website," publisher Michelle Sobrino said. "Financially, it did not make sense."
The magazine, now owned by Penske Media Corporation, has recently revamped its website and taken down the paywall.
A new weekly version of the publication will be launched next week. The firm plans to keep its coverage focused on the inner workings of the entertainment industry.
"We want to dedicate ourselves to producing a print product that this industry wants to read," Sobrino said. "You're going to see Variety have a point of view and much deeper analysis."
It is not the first time that Hollywood news outlets adapted to online news reporting. In late 2012, The Hollywood Reporter ended its own daily, leaving Daily Variety the only trade magazine to release in print five days a week.