Daily Archives: July 9, 2012

Business Magazines reach new heights through Digital Media

Circulations of Business Magazines vary dramatically from one publication to the next. We are however seeing that the ‘screen age generation’ is having a positive effect on their online offerings across the board.

The Economist is one of most established Business Magazines in the world, with both a large UK (circulation: 210,384) and Worldwide (circulation: 1,487,010) audience. UK print circulation continues to increase, whilst this growth is impressive in a generally declining market it is somewhat overshadowed by The Economist’s online offerings. Average monthly unique users of Economist.com have increased by 49% in the past three years; whilst they receive an average of 600,000 weekly downloads for the Digital edition, nearly three times the amount of print readers.

The total print circulation for The Week is increasing year on year, with a current circulation of 187,536, whilst theweek.co.uk receives an average of 850,000 unique users per month. The Week, like many other Business Magazines have recently launched a Digital edition of their publication, allowing the Digitally savvy to consume media on their tablet, as well as online and in print.

Prospect Magazine’s print circulation, which is currently 32,105, continues to grow year on year. Whilst the average online unique users have fluctuated in the past three years; seeing a 12% decrease two years ago, followed by a 17% increase the following year. Prospect launched a Digital edition in March 2012, which has so far seen 3,960 downloads.

Unlike the previous three Business Magazines, Investors Chronicle (circulation: 26,753) and The Spectator (circulation: 63,643) have both seen a decrease in their print circulations. Whilst print has seen a decline, the publications have both increased their online activity, with The Spectator seeing a 17% increase and Investors Chronicle a 25% increase in their website’s average monthly unique users over the past three years. Investors Chronicle are imminently releasing their Digital edition, whilst The Spectator’s receives 4,500 downloads per month.

New Scientist (circulation: 80,867) is the only publication which has seen a decrease across its platforms, with print decreasing by 13% over the last three years, and online by 5%. New Scientist is launching a Digital edition later this year.

Business Magazine print circulations

Investors Chronicle and The Spectator are, in our option, publications which have not focused on their declining circulations, but instead on increasing the audience of their online offerings, following the general trend in media consumption. The Economist, Prospects and The Week, even with increasing circulations, have invested in their Digital offerings, allowing consumers to engage with them through a variety of media.  Whilst New Scientist, which has seen a decrease in its existing platforms, are investing in a Digital medium, fashioning themselves as a multi platform media.

Today, there is a huge crossover between those who read print and online, showing that readers are migrating. Print and online are no longer treated differently as packages are sold to an ‘audience’.

How To Spend It is entering a glittering new era

After its initial launch back in 2009, the Financial Times is set to re-launch howtospendit.com. Launching in September 2012, the new site will allow users to immerse themselves in the multi-award winning content both faster and easier.

Key to the sites development has been the implementation of greater functionality, browsing functions and social sharing.

The re-launch has come at a very interesting time in the luxury goods industry. A new research study conducted by Mckinsey and Altagamma has shown that luxury brands really have to embrace digital channels if they want their brands to prosper.

The luxury goods industry in renowned for being timid about using the internet. Many executives believe that consumers wish to touch and try goods before they choose to purchase them. However, the recent report has shown otherwise.

The study surveyed more than 300 luxury brands, including French giants LVMH and PPR as well as over 700 websites and 2.5million online comments from both Twitter and Facebook. 2,500 interviews were also conducted across the US, China, UK and France.

The finding is that digital luxury is a much more important market than many executives acknowledge.

Worldwide online sales in 2011 reached €6.2bn, growing three times faster than the total personal luxury goods market with an estimated worth of €190bn. The study estimates that digital sales will reach about €15bn by 2016.

A number of key findings are detailed below:

  • About 15% of €25bn of total sales in the luxury goods industry is directly generated by digital media.
  • Altagamma and Mckinsey estimate that as much as a fifth of store sales (a market worth €34bn), could be indirectly influenced by the “online experience”.
  • Despite luxury goods brands having millions of Facebook fans, the strong following has little direct affect on sales as few of those millions of fans car afford to buy the objects of their desires.

An important finding to note is that consumers are looking at more than four sources of information- from company websites to fashion blogs in order to make informed choices about what to buy.

With the above in mind, the revised howtospendit.com may prove to be an excellent opportunity to positively influence the HTSI audience which generally consists of high-net-worth discerning individuals.