Bloomberg Markets to spin off new magazine

Lucia Moses of Adweek writes that Bloomberg Markets is planning to spin off a magazine called Bloomberg Pursuits that will cover high-end lifestyles, products, and services for its well-heeled readers.

Moses writes, “The first will publish in March. If successful, it will go biannually or quarterly. Markets editor Ron Henkoff said unlike other luxe magazines, Pursuits would closely reflect the lifestyle of Markets’ readers, with their passions for exclusive experiences and products (and the ability to afford them). ‘We tend to write about people who make a lot of money and spend a lot of money,’ Henkoff says. ‘But they are also into other things. They have very active lifestyles.

‘”Distribution will be limited to Bloomberg terminal users who have low duplication rate with comparable titles. According to Ipsos Mendelsohn, 95 percent of Markets’ readers don’t read Robb Report, 88 percent don’t read the Financial Times, and 73 percent don’t read The Economist. ‘It’s a market that’s pretty exclusive to us,’ says Michael Dukmejian, publisher of Bloomberg Markets.

“Marketshas been making inroads with luxury advertisers as it tries to get more competitive with other business books. This year, it’s projecting ad revenue to be up 20 percent, helped by luxury ads like Hermés, Harry Winston, and Johnny Walker Blue.”

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