Magazine publishers need to change the language they are using when speaking to agencies and advertisers or risk losing even greater share of the marketing pie.

"My greatest fear is that the language some of the publishers use isn't strong enough to make us (agencies) change our mind - to move our money away from Facebook, YouTube and all these frustrating places where we're now putting it," said Virginia Hyland, Founder and Principal of media agency Hyland Communications Group, at the Mumbrella Publish event in Sydney.

Hyland noted that several of her clients who previously spent big bucks to advertise in magazines were no longer doing so.

"Where agencies could throw $5 million to magazine publishers 3-4 years ago and not think about it, there's no way the brand managers from the brands I represent would allow me to do that now. If I spent a million dollars, they'd be querying me."

Mary Ann Azer, Executive Director of Magazine Networks, kickstarted the panel discussion with a presentation of research.