Through its terminal business, Bloomberg LP has served as a tool for financiers to make money. Now, it’ll tell them how to spend it.
Bloomberg Markets, the monthly magazine sent free to terminal subscribers, will test Bloomberg Pursuits, a spinoff about the high-end lifestyles, products, and services for its well-heeled readers. 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.
Markets has 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.
While luxury has held up better than other ad sectors, Andrew Sacks, president of AgencySacks, a luxury branding firm, said marketers are still being choosy: “[Pursuits] has to have really good editorial. This is a really smart customer. They’ve gotten to where they are because they’re smart.”