US music magazine Paste begs readers for bailout

By Michelle Nichols

NEW YORK, May 18 (Reuters) - U.S. music magazine Paste, facing advertising cuts that have hit many publications during the recession, is staking its survival on begging loyal readers and musicians for money.

Editor-in-Chief Josh Jackson told Reuters on Monday more than 90 artists, including The Decemberists, Neko Case, Cowboy Junkies and Indigo Girls, were donating songs and other goods for people who pledge money to the Atlanta-based magazine.

He said the seven-year-old magazine was hoping to raise a sum in "the low six figures," to help it through the crisis.

"It's been really encouraging. If everything continues on track we will be in really good shape when we come out of this," said Jackson. He declined to say how much money had so far been raised.

"Artists really rallied around us and have given us these exclusive tracks to give to anyone who donates," Jackson said.

According to a tally kept by media, entertainment and gossip website Gawker, www.gawker.com, at least 28 U.S. magazines -- including music publications Blender and Radar -- have fallen victim to the economic downturn.

"We had been facing a financial crunch for a good long while as ads had been shrinking and we've been trying to catch up with that by cutting expenses and trying to find other sources of income," Jackson said, adding that Paste's 15 staff had already taken a 20 percent pay cut.

He said Paste's monthly circulation was 205,000, with subscribers in dozens of countries. As a cost cutting measure the magazine will be issuing six mini and six full size editions a year, instead of 11 full editions.

"(The magazine's) loss would create a very large black hole." Cowboy Junkies said on the magazine's website, www.pastemagazine.com. (Editing by David Storey)