Newsweek is changing its format, admitting that it can no longer compete as a mass audience news weekly:

Newsweek is about to begin a major change in its identity, with a new design, a much smaller and, it hopes, more affluent readership, and some shifts in content. The venerable newsweekly’s ingrained role of obligatory coverage of the week’s big events will be abandoned once and for all, executives say.

“There’s a phrase in the culture, ‘we need to take note of,’ ‘we need to weigh in on,’ ” said Newsweek’s editor, Jon Meacham. “That’s going away. If we don’t have something original to say, we won’t. The drill of chasing the week’s news to add a couple of hard-fought new details is not sustainable.”

Newsweek loses money, and the consensus within its parent, the Washington Post Company, and among industry analysts, is that it has to try something big. The magazine is betting that the answer lies in changing both itself and its audience, and getting the audience to pay more.

A deep-rooted part of the newsweekly culture has been to serve a mass audience, but that market has been shrinking, and new subscribers come at a high price in call centers, advertising and deeply discounted subscriptions.

“Mass for us is a business that doesn’t work,” said Tom Ascheim, Newsweek’s chief executive. “Wish it did, but it doesn’t. We did it for a long time, successfully, but we can’t anymore.”

Will be interesting to see what the new Newsweek will look like. Not sure how successful it can be; the Economist is already pretty good at being The Economist.