Time Inc. has come up with a brilliant idea to increase revenue: Make rich people pay more for the pleasure of reading about other rich people.
According to The New York Post, the publisher is currently charging different prices for People — single copies of the glossy are more expensive in affluent cities and less expensive in other areas. The move comes on the heels of People raising its cover price to $4.99 — its first price hike in five years.
“Magazines are one of the few products that have one price nationally,” Time Inc.’s CEO, Joe Ripp, told the Post. “That makes no sense to me.”
We agree. Hopefully the wealthy readers of People somehow manage to cope with this dramatic change in their lives.