There is no doubt luxury is back, and the media is taking note by either launching or relaunching exclusive magazine titles catered only to the super rich, as demonstrated by Bloomberg Pursuits.
Bloomberg L.P. distributed its premier issue of Bloomberg Pursuits to 375,000 subscribers of the Bloomberg Professional service, which includes use of the Bloomberg Terminal for $20,000 a year. Sixty percent of readers live outside the United States, 90% are male and the average household income is $452,000.
The founder of Niche Media and now chief adviser to Gilt Groupe and Jason Binn, has plans to publish Du Jour magazine, which targets those with a net worth of more than $5 million and average home value of $1.5 million. These 1% peeps may find a copy of this publication in their mailbox this September.
Furthermore, existing luxury magazines are seeing growth in sales and advertising revenue. This includes Departures (a lifestyle magazine published by American Express and sent to platinum and centurion card holders), How to Spend It (a monthly luxury magazine from the Financial Times), Manhattan Magazine (Modern Luxury publication for affluent New Yorkers that successfully transitioned from print to iPad) and WSJ (the world’s largest luxury magazine found in The Wall Street Journal’s weekend issue).
Either way Bloomberg Pursuits demonstrates how the rich continue to enjoy the small luxuries in life.
Rich-Only Magazines
Bloomberg Pursuits is Distributed to Annual Income Houses Over $450,000
Trend Themes
1. Luxury-only Magazines - Exclusive magazines hitting the market that cater to the super-rich.
2. Growth in Sales of Luxury Magazines - Established luxury magazines are seeing growth in sales and advertising revenue.
3. International Readership for Luxury Magazines - Luxury magazines are being distributed globally with a majority of readership outside of the US.
Industry Implications
1. Luxury Publishing - There is potential for more luxury-only magazine titles and growth in existing ones.
2. Luxury Advertising - Brands targeting the super-rich have a prime opportunity to advertise in these exclusive magazines.
3. Financial Services - Financial service providers that serve the super-rich have a chance to advertise in these publications and reach their target market.