The Wall Street Journal Targets 1% With New Magazine
The WSJ. Money extension of the weekend edition Magazine will serve as a personal finance guide for the wealthy.
Occupy Wall Street? That’s old news. Even with potential tax increases on the wealthiest Americans coming from the Obama Administration, it appears the 1% has more or less weathered the storm. And they still have money on their minds.
Which is what The Wall Street Journal (WSJ) is banking on.
WSJ is launching a new segment as a supplement to their existing WSJ. Magazine, in an attempt to feed this insatiable appetite for all things personal finance.
WSJ. Money, which will launch on March 9th and start off as a quarterly published four times a year, will be a new luxury lifestyle insert targeted towards wealthy readers interested in personal finance, beyond choosing stocks and hedge funds. Instead, the new insert will focus mainly on character narratives of those who have ‘made it,’ as well as columns on exclusive travel destinations and lesser-known areas around the globe.
The WSJ. Money insert will include sections with celebrity interviews entitled ‘My Biggest Mistake,’ step-by-step outlines people have taken to become successful in the ‘Empire Builder’ section, and a peek inside the world of advisors to the rich in ‘Family Office.’ Many existing Journal columnists will staff Money as well, since they will run on different weekends.
Mike Miller, the senior deputy managing editor at WSJ, believes there will be more than enough demand for the new print. Journal research indicates that existing readers are already spending over an hour consuming subscribed content, which makes for a very engaged consumer base. WSJ wanted to capitalize on this engagement, and saw an opportunity with Money.
It’s for people who are voyeuristically interested in the high end and are at the high end.
High-end consumer engagement is also beneficial in terms of securing advertisers for the new publication. Private banks, wealth management, and luxury brands will undoubtedly flock to the 20 ad pages in the new 50-page insert, with brands like Johnny Walker Blue and Harry Winston already advertising in similar publications.
As Paul Basil, the director of marketing for Harris myCFO wealth management, says,
Clients take a much more conservative view. I think that’s what [WSJ. Money is] trying to get to. Because the last thing we need is a magazine that talks about summering in the Hamptons. If they stay close to that, they’ll do well.
The Journals in-depth financial coverage has always given them a leg-up on other news publications, since their content is more difficult to replicate.
Money will, however, face competition from existing prints like Bloomberg Pursuits, Town & Country, and ForbesLife. But WSJ is confident in their new quarterly. And they well should be, considering they’re one of the few print outlets still turning a profit in this digital age. Wealthy readers love their paper, whether it comes in green or black and white.
Interview via AdWeek