Time Out moots web-only listings and free magazine

One of the ideas being considered is distributing the title on a controlled-circulation free basis, targeting specific demographic groups. Listings would be provided online.

Elliott said: "If you've got a situation in two to three years where the main role that we play is online, the question is what shape does the print magazine take?

"We have to look at the free route. I am not sure, but there are people in the building who say 'Maybe we should look at free'.

"There is an audience out there, younger people, who because of online do not expect to pay for things. The downside is that advertisers in general do not like free."

Time Out marketing director Catherine Demajo said there was no specific timeframe or deadline for the rethink.

"There's no commitment to do one thing or another," she said. "What we are committed to doing is regular rounds of research that all publishers do on an ongoing basis.

"Now that there's more options available to us, if that [research] ends up showing there's a need that we're not meeting, we'll act on it."

Demajo said another one of the ideas being considered is making the Time Out website appeal more to readers outside of London -- something it has already begun doing by providing nationwide film listings.

"It would be in our best interests if we could offer a more national audience," she said.

A free distribution model would mark a radical change in direction for the title. Almost 90% of its current circulation is actively purchased.

According to ABC figures for the first half of 2008, Time Out's average weekly circulation is 76,356 down by 12.5% in the last year.

About 60% of this, 46,706 copies, comes from subscriptions, which are priced at £80 a year.

A further 21,950 copies are sold on the newsstand at £2.99.

Only 4,023 copies are currently given away for free. These are placed in central London hotel rooms, Eurostar frequent traveller lounges, gyms, health clubs and are handed out to business and first class passengers on a number of airlines.

The TimeOut.com/london website is not officially audited by ABCe, but claims 1.7m unique users a month and 10m monthly page views.

Its weekly email newsletter is subscribed to by 112,000 people, a Time Out spokeswoman said.

Read Gordon's Republic blog post: Walking with the dinosaurs: Time Out magazine.