The ongoing ad recession and increased online competition for readership has forced magazines to step up their international game. Following luxury brands, like Armani, who are chasing after the rising Indian rupee, are magazines like Rolling Stone, Child, and Glamour. Vogue India already launched with the October 2007 edition (see pic). Even Tim Pinnegar, publisher of The Economist, Asia-Pacific, is eyeing an Economist Indian edition. From Livemint:
”Niche is the new black in the Indian media industry, especially for foreign publications. Eager to tap the Rs1,300 crore magazine opportunity in India — which is expected to grow to Rs2,500 crore by 2010, according to audit and consulting firm PricewaterhouseCoopers — global publications have found the niche segment most conducive. Indian media laws, which restrict foreign equity to 26% in the news segment, allow 100% foreign equity in non-news and non-current affairs speciality magazines. ‘This has resulted in many publishers turning towards niche publications,’ says Alex Kuruvilla, managing director, Conde Nast India.”
”If you want to consider yourself a truly international publisher,” George Green, the chief executive of Hearst Magazines International told The New York Times last September, ”India is a place you have to be.” Livemint, which produced this story, is a part of HT Media Ltd, which has an exclusive agreement with The Wall Street Journal to publish Journal-branded news and information in India.
(image via vogue)