After a grand welcoming reception at Kensington Palace yesterday evening, the 37^th FIPP World Magazine Congress in London opened today. More than 900 delegates arrived at Old Billingsgate to hear some of the biggest names in magazine publishing speak.

Mayor of London, Boris Johnson, addressed the packed auditorium in a special recorded appearance, calling London “home of the oldest and greatest magazines in the world.” He urged delegates to enjoy their time in the city, and to ‘read London.’

Pierre Lamunierè, chairman of Edipresse Group, Switzerland, and FIPP’s chairman welcomed delegates, and admitted that the industry is “struggling through possibly worst recession ever faced”, with some exceptions. He said that publishers have no other choice but to restructure and downsize, which will inevitably lead to less magazine launches and more closures. He advised publishers to accept a short-term decline in profitability, and should continue to develop digital platforms and encourage innovation – and will ultimately come out fitter and stronger if they do this.