Five major publishers are banding together to form a new digital publishing venture. Each of the five publishers will have an equal investment in the new venture in the hopes of attracting new advertising blood into the ailing publishing industry. The five publishers are Condé Nast, Hearst, Meredith, News Corp, and Time Inc.

The venture group will have four goals:

Four key goals:

  • Be ready for full-color devices with an application that renders publications “in beautiful form” and in “recognizable” form.
  • Develop a platform that can enable that across multiple devices, operating systems and screens.
  • Develop a common digital storefront where consumers can easily make purchases and get universal access on any device as they buy digital products from their publisher.
  • Work with advertisers to co-develop new advertising forms that Squires expects will be more immersive with the power of digital delivery. “This has the potential to be a new and vastly important branding medium for advertisers, particularly with larger screen devices.”

Hopefully this effort will be able to keep these publishers afloat as they attempt to regain their audience and advertising dollars.

Comments welcome.