When Tokyo-based quarterly magazine ART iT announced the discontinuation of its print edition and that all content would move online following the publishing of its June 2009 issue, it seemed like yet another example of how the popularity of the Internet had combined with a global economic recession to shut down a once-promising media company.
Founded in 2003 by its current editor in chief, Tetsuya Ozaki, ART iT brought a fresh approach to covering art in Japan by presenting all of its articles in both Japanese and English and extending its scope to the broader Asia-Pacific region. According to recent advertising materials, the magazine reached a circulation of 48,000 copies — not insignificant for a niche publication.
However, ART iT president Eijiro Imafuku, who acquired the title from Ozaki in 2005, told The Japan Times that the magazine struggled to recoup the ¥10 million production costs for each issue and that its quarterly publication cycle limited advertising revenues. Imafuku, who has a background as an IT entrepreneur and is the founder of the fund Fine Art Investment, was frank in his assessment of the magazine's finances.