A sad trend, this
I would hate for HFW to go under (let alone HFC fro a mo) - it is one of the last clear Print identities left that is friendly to the Hifi / hobbyist spectrum. HFW is a magazine that runs to its own, interesting, passionate agenda.
No, *all* such enterprises hinge on the Advertising revenue paying for the mag when the sale price *might* just cover basic overheads. This is how StereoPhool can offer subscriptions for about 1/8th the face value. I'd suggest HFW does not 'make' 7k copies x 3.50 a month, c£25K give or take - in fact I'd bet that barely covers the edit time and print run cost alone, maybe one or two fulltime salaries after that at best.
If HFW has problems it will be because the circulation doesn't apparently - to someone - justify enough advertising interest expressed in revenue to support making a magazine sold at or under cost - if you see what I mean. Sadly, Advertising is all; a revenue source defined ultimately by a limited future share online regardless of the traditional media available to carry it.
Sad to say, magazines cannot then afford to remain in the business of informing readers; they - like TV - have long been in the sole business of delivering headcount to advertisers (those ignorant c**** who decide which editorial streams survive) It's a 'you cant get there from here' problem. And a waste of good talent, whatever your interests.
*& heck , I stand with Bill Hicks on the industry in general...