Ricardo Media is shutting down its English-language food magazine, citing high distribution costs and shift towards digital media.
The company announced Tuesday the last issue of Ricardo, an English version of the long-running French glossy, will hit newsstands on March 18.
Launched in 2014, the publication was seen as a bilingual expansion of Quebec chef Ricardo Larrivee’s culinary empire, which spans cookbooks, kitchen accessories, media partnerships and a website for both English- and French-speaking foodies.
Larrivee said in a statement the media company’s subscription base and newsstand sales are strong, but that distribution costs in English Canada were consuming 70 per cent of the magazine’s profits.
He said the company decided to cease publication to focus on its digital strategy as the advertisers and publishers migrate towards online sources of revenue.
“We know that this is a disappointment to our English readers,” said Larrivee. “We will never be short on ideas when it comes to creating unique opportunities that allow us to pursue our mission in promoting the importance of cooking and eating together.”
The Canadian Press