The whole sector has been struggling for sometime with Emap's Mixmag and IPC Media's Muzik down a combined 27.4% in the last set of ABCs. The closure follows that of Ministry, the flagship magazine of club group Ministry of Sound, which closed last November.
Tim Brooks, managing director of IPC Ignite!, said: "We have a very talented and dedicated team on Muzik, and I want to thank them all for their hard work and their grace under pressure. Sadly, nothing they could do in isolation was going to turn around this sector of the music market. Just like the broader music industry, of which we're proud to be a part, we have to channel our resources to where the consumers are."
IPC said that the closure will result in no more than 10 redundancies, and every effort will be made to find alternative jobs for all those affected.
Muzik had been struggling to close the gap on its rival Mixmag, which had a circulation of 60,070 compared with Muzik's 36,089.
However, despite leading Muzik, Mixmag has problems of its own. During the last set of ABCs it was down 34.7% year on year from 91,944, while Muzik fell 11% from 40,550.
IPC Ignite! also publishes music weekly NME and music and film monthly Uncut.
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