[UPDATED] Masthead releases Top 50 Mags report

[NOTE: This post has been updated] Chatelaine, the Rogers-owned women’s service magazine, remains in the number one position on Masthead Online‘s annual ranking of Canada’s top 50 magazines.

According to the report “for Canada’s top 50 mags, advertising was down by about 5.2 per cent — or $23.6 million — in 2008, and that slide has continued (and steepened) in into 2009.”

Hello! Canada, More, Canadian Home & Country, LouLou (French) and Elle Canada Weddingbells were the top five gainers over last year.

UPDATE:
Masthead Online has published the following correction to the report:

“Correction: The original report carried incorrect newsstand revenues for Weddingbells and Today’s Bride. The errors also inflated the total newsstand and overall revenue figures. We have since adjusted the numbers, as well as the ranking positions, of both magazines. Masthead regrets the errors.”

Chatelaine had total revenues of $56.5 million in 2008, followed by Canadian Living with $50.1 million, Reader’s Digest with $39.2 million, Maclean’s with $37 million and Canadian House & Home with $$23.5 million.

But it’s not all bad news. Masthead Online editor Marco Ursi concluded in the report:

“Although a slight majority of magazines on this list suffered losses, titles launched in the past decade (Hello, More, Elle, French LouLou, Glow) generally had prosperous years in 2008. The newest addition to the list, Our Canada, was launched by Reader’s Digest in 2004 while Best Health entered the Almost Made-Its on just four issues. Next year, expect Zoomer (re-launched by Moses Znaimer last fall) to crack the Top 50. According to its publisher, the boomer-oriented lifestyle book had earnings of more than $4 million last year—and that doesn’t include newsstand sales. And Vita and Maison et Demeure, the recently launched French-language spin-offs of More and Canadian House & Home, are also likely to contend for positions among the elite next year.”

Read the full report here.