AdweekMedia's Magazine Hot List Only Lukewarm This Year

(MoneyWatch)  You know things are bad in the magazine business when six out of 10 titles on AdweekMedia's so-called annual "Hot List" of the top magazines post ad revenue declines, and two post circulation declines. (By comparison, no magazine on last year's list dropped in any category, though a few posted flat circulation.)

In fact, a hot list full of cooling-off titles is so unusual I felt compelled to ask Mediaweek senior editor Lucia Moses, who led the Hot List project, about how the magazine determined who was "hot," or at least tepid, in a year in which the vast majority of magazines are losing money. "It's not just about the numbers," she said. "Otherwise, this would be a very easy list to do." Rather, she centered on questions like "Who is really relevant in their category when there is less money to go around?" Here's the list:

1. The Economist. Ad Revenue: $131.5m, +25.5%; Ad Pages: 2,468, +4.4%; Circulation: 786,977, +9.2%. (The magazine was no. 1 last year as well.)
2. Elle. Ad Revenue: $325.5m, +11.2%; Ad Pages: 2,624, +5%; Circulation: 1,124,674, +6.6%.
3. People. Ad Revenue: $889m, -8.2%; Ad Pages: 3,422, -12%; Circulation: 3,691,819, +2%.
4. Women's Health. Ad Revenue: $79.3m, +60.7%; Ad Pages: 724, +12.2%; Circulation: 1,196,898, +31.8%.
5. Everyday with Rachael Ray. Ad Revenue: $97.5m, +24.5%; Ad Pages: 741, +3.3%; Circulation: 1,783,542, +7.1%.
6. Real Simple. Ad Revenue: $262.1m, -14%; Ad Pages: 1,702, -18.6%; Circulation: 1,980,061, -0.3%.
7. Men's Health. Ad Revenue: $166.8m, -6.3%; Ad Pages: 1,041, -11.5%; Circulation: 1,859,701, +3%.
8. Family Circle. Ad Revenue: $375.5m, -7.6%; Ad Pages: 1,560, -13.7%; Circulation: 3,914,927, -2.4%.
9. Vogue. Ad Revenue: $395.7m, -5.6%; Ad Pages: 2,890, -9.7%; Circulation: 1,293,078, +1.5%.
10. New York. Ad Revenue: $219.2m, -3.7%; Ad Pages: 3,134, -6.3%; Circulation: 431,626, +0.6%.

I expect the most eyebrows will be raised over the the inclusion of Family Circle (last year's no. 7), which showed declines in all three categories by which the magazines are ranked. On the other hand, with magazines overall showing an ad revenue decline of 7.8 percent in 2008, per the Publishers Information Bureau, a decline of only 7.6 percent is smokin'.