Described as the “iTunes for magazines”, the initiative aims to create a common platform for the consumption of print content on portable devices such as e-readers, laptops, tablet computers and smartphones.

Intended to combat declining print advertising revenues and meet the push towards online and portable media use, the consortium said in a joint statement that the platform will be open to other publishers who want to offer their content.

“Publishers will derive revenue from content and advertising sales, as well as from print subscriptions,” they said.

“In addition to entirely new magazine and newspaper reading experiences, content selections may ultimately include books, comic books, blogs and other media.”

The move is widely seen as a challenge to Amazon’s dominance of the e-reader market, with the Kindle device (pictured) currently unable to support advertising.

The initiative is being spearheaded by Time executive John Squires, who said the digital storefront would be open for business in late-2010.

“Once purchased, this content will be ‘unlocked’ for consumers to enjoy anywhere, any time, on any platform,” Squires said.

“For the consumer, this digital initiative will provide access to an extraordinary selection of engaging content products, all customised for easy download on the device of their choice, including smartphones, e-readers and laptops,” he added.

The move mirrors Conde Nast’s announcement in October that the December issue of the US edition of GQ magazine would be made fully available for the iPhone.

Representing an estimated readership of 144 million, the consortium is responsible for such US publications as Time, Fortune, Sports Illustrated, People, The New Yorker, Vanity Fair, Vogue, Esquire, Cosmopolitan, Better Homes, and The Wall Street Journal.

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