Magazines’ growing use of user-generated content caught our eye last May after Arthur Frommer’s Budget Travel announced it would fill its June 2008 issue almost entirely with reader content.

Yet as it turns out, that may not be the best strategy for every issue. 8020 Media, the company that published JPG magazine, a title filled all issue, every issue with user-generated content, announced January 2 that it is closing up shop.

8020 CEO Mitchell Fox told employees last week that the publisher was “at the precipice of profitability,” but “negative marketplace forces are too strong to overcome,” according to a report on The New York Times Bits blog.