Matthew Flamm of Crain’s New York Business writes about business magazines that are geared toward a high-end audience such as Bloomberg Pursuits and Forbes Life.
Flamm writes, “Luxury titles have risen and fallen before. Previous waves brought the ill-fated launch of Condé Nast Portfolio, the short-lived Absolute and the near-downfall in 2010 of Modern Luxury Media, which publishes a string of high-end giveaway titles, including Manhattan. The company ended up being bought at a bargain price by Cumulus Media, which has turned it around.
“But the recession, in addition to making publishers thrifty, also opened the door for magazines aimed at the ultra-wealthy.
“‘A lot of brands that were focused on the super-affluent before the recession have figured out a way to have a much wider appeal,’ said Barry Lowenthal, president of ad agency Media Kitchen. ‘That’s created an opening for media companies that talk exclusively to this indulgent lifestyle.’
“Publishers that can reach a global market are also finding new opportunities. Since more than half of Bloomberg terminal subscribers are outside the United States, Bloomberg Pursuits can take advantage of the boom in luxury spending overseas, particularly in Asia.
“With its first issue, it brought new advertisers to the company, including DeLeon Tequila and fashion designer Ermenegildo Zegna.”
