Paul Rossi, the North American publisher for the Economist, talked to Talking Biz News about the British magazine’s growth in the United States and other issues.
The Economist’s statement for the first six months of the year shows the magazine at a circulation of 694,345 in North America, up 15.6 percent from the prior year. Newsstand sales are at 60,877, up 10.6 percent against the prior year despite a $1 price increase in January 2007. The figures represent a 150 percent increase in a decade.
While many business and news magazines are either flat or declining and daily newspapers are on a downward trend across the world, The Economist is bucking the trend and growing impressively in all regions. Year-on-year worldwide growth is now at 10.8 percent, taking the magazine to a global circulation high of 1,260,457. This represents a doubling in a decade, according to the publisher’s preliminary estimate.
What follows is an edited transcript of the e-mail interview.
To what do you attribute The Economist’s circulation gains in the United States during the first six months? Â
I think it’s a combination of things, we have fundamentally overhauled the way we market the magazine, we have expanded our retail outlets, we’ve added a print plant and we have run city-focused initiatives to build the brand. But above all we have unique product that more and more people want.
What makes The Economist attractive to readers in the United States?
In short we provide readers with an understanding of an ever more complex world. More and more people turn to us for our well-considered analysis of the world’s business, political, scientific, technological and cultural affairs, and the connections between them. These are readers who share an uncommon interest in being well and broadly informed and they know they can count on our global perspective written in a style that’s fresh, witty, concise, and sharp.
What do you feel the magazine provides that U.S. readers aren’t getting from other publications?
We write about the world each week because it matters, not when it matters. We deliver analysis of world events that cannot be found in standard newsweeklies or business publications.
What publications are The Economist’s biggest competitors in the States, and why?
Our unique editorial makes it difficult to put us into a single magazine category.
The Economist is part newsweekly so we compete with the likes of Time and Newsweek. We are also part business magazine so we keep an eye on titles such as BusinessWeek, Fortune, and Forbes. Interestingly, each week we are outselling BusinessWeek, Fortune, Forbes, The New Yorker and U.S. and News & World Report on newsstands.
What do you do to keep the circulation growth going?
Obviously we continue to produce a great product but also continue to invest and innovate what we do to reach more potential readers. Obviously we continue to produce a great product but also continue to invest and innovate what we do to reach more potential readers.
Do you feel that the launch of Conde Nast Portfolio has had any impact on The Economist?
Not directly. They have an ambition to be smart like The Economist and that can only help develop the category.
The Wall Street Journal and The Economist are both known for analyzing political and social trends. Do you feel that the sale of the Journal will affect The Economist in any way?
If readers become concerned about the quality and independence of The Journal and start to look for different sources then I would think we might gain but I don’t believe that it will be significant.Â
How hard is it to sell a publication that has a British voice to American readers?
I believe readers in the U.S. welcome our witty and irreverent style; they see our British perspective as refreshing. You only have to look at the success of other British media here — BBC, for example — to see that people are open to other views and styles.
What’s the biggest hurdle for The Economist in the U.S. going forward?
Can we grow faster!
Will The Economist add bylines for its writers any time soon?
This is not likely. Articles in The Economist are not signed, because they are the work of multiple editors and correspondents. Many hands write The Economist, but it speaks with a collective voice. The main reason for anonymity, however, is a belief that what is written is more important than who writes it.
How is The Economist using its website to attract more readers of the print publication?
We are currently in the process of rethinking the way serves our readers. Online readers consume content differently and we are adding features to the site to meet their needs. For example we have added numerous online-only sections and have begun experimenting with social media. For our magazine readers we are developing features, such as audio, to enhance their relationship with the brand. You will see some exciting changes over the next several months.
