FX-MM Magazine, the monthly journal for the trading, treasury and technology community, will be closing by the end of 2017, the portal’s editor and publisher Peter Garnham said Wednesday.
According to Garnham, who edited FX-MM for four years, the company’s rationale for the move was the saturation of the market with alternative sources of data which have “become too great an obstacle.”
FX-MM was founded in 1993 as a bi-monthly publication. The industry magazine then evolved to recently publish 9 issues of financial markets coverage that catered to its diverse target audience. The information provider has been able to reach key decision-makers in the treasury, trading and technology space, and provide analysis, insight, interviews, debates and case studies.
The paid news business has been a very challenging aspect of the financial media sector. It has become even more challenging for niche publishers to find their markets amid the clutter.
Small and medium-sized publishers, lacking the marketing and resources of large players in the news and market data segment, have been at a disadvantage in building paid businesses. That is one reason why so many providers have instead stuck with ad-funded news.
Even with the fact that readers now concede that there is a price to pay for quality information, it does not mean that the revenue will be enough to break even or fully pay the bills. However, some portals have embraced a binary consumer choice where it allows readers to stick with its free news whilst offering the option to pay for a few subscriptions giving them unfettered access to premium publications.
Back to FX-MM’s announcement. The message from Peter Garnham further reads:
It is with sadness that I have to announce the closure of FX-MM. Over the years, FX-MM has strived to provide an essential resource for the trading, treasury and financial technology sectors.
However, the delivery of media in this space has radically changed.
Despite our many efforts to develop new products and services, the saturation of the market with alternative sources of data has become too great an obstacle.