Vice Media have admitted defeat in trying to run a profitable contemporary art magazine.
They have announced they will soon cease publishing Garage according to a report by Business of Fashion. Apparently, they couldn’t continue to run a magazine that only brought in a supposed $6 million in ad revenue!
According to Business of Fashion, the company will stop publishing Garage in the spring of this year, and employees will start receiving severance pay in March. But the magazine isn’t expected to close completely Garage’s controlling stakes will go back to its founder, Dasha Zhukova. Per Business of Fashion, she intends to return it to its roots as a “radical art object.” However, her strategy for keeping the publication going isn’t entirely clear yet: A few options include partnering with another media publisher or using the art museum after which the publication is named, the Garage Museum of Contemporary Art (which Zhukova also founded) to publish the magazine.