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Posts Tagged ‘poetry magazine’

How Poetry Magazine Is Spending Its $200 Million Donation

If you haven’t heard this story before, it’s a good one: in 2002, Ruth Lilly, an heir to a fortune built by Indianapolis pharmaceutical company Eli Lilly, donated $200 million to Poetry magazine, which at the time was a modest literary publication with a circulation of 10,000 and an annual budget of $700,000. The Chicago Tribune tells the fascinating story of how this enormous gift changed the game for poetry publishing.

Today, the foundation has a budget of more than $6 million. The magazine gets $1.5 million a year, and $2.2 million goes to educational programs. Poetry’s website alone receives a hefty $1.2 million, a point of contention in literary circles. Then there’s $1.3 million for administrative costs, including salaries for the 20-person staff. “We have a guideline that forces us to never spend more than 5 percent (annually) of the total market value of the endowment,” said John Barr, president of the Poetry Foundation.

How much has this helped? By some accounts, a great deal: circulation at the magazine is up to 26,000, and last spring the magazine won a National Magazine Award over favorites like the Paris Review. At the same time, more money, more problems: Barr has met with a huge amount of criticism for overspending and other management issues aside:

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Mediabistro Course

Pitch Your Magazine Article

Pitch Your Magazine ArticleStarting October 1, learn how to write queries for magazines and websites! In this course, you'll learn how to write and send an effective pitch, generate pitch letters, research outlets for your articles, and follow-up with editors to ensure that your queries get results. Register now! 

2011 National Magazine Awards for Digital Media

We live-blogged the National Magazine Awards for Digital Media in New York City this afternoon.

The ceremony has concluded, but the complete list of winners follows below…

1:20 p.m. Epicurious has won the general excellence digital media, service and lifestyle award. Tablet Magazine has won the blogging award.

1:30 p.m.Life.com has won the photography and digital media award. The New York Times Magazine has won the design, digital media award.

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