Time magazine, long known in the advertising community for its select-edit business editions and targeted ad buys aimed at professionals and top managers, on April 2 will roll out a new and more ambitious endeavor called Global Business. Time's new monthly "magazine-within-a magazine" will be spearheaded by Time assistant managing editor Dan Goodgame. Global Business' original edit, produced by Time's worldwide bureaus, will feature articles on e-commerce, investing and international movers and shakers.
"We want to reach the people who are around the table when the decision is made about moving into another market abroad or adopting a technology," Goodgame explains. "We see those as inextricably linked. What enables global business is the technologies that are available."
The section will have a 1 million rate base and will be published only in U.S. editions of Time, targeting 800,000 chief executives, CFO's, company partners and owners, as well as 200,000 scientists, engineers and technical specialists. Global Business, which will be bound in shortly after the cover, will have the look and feel of a stand-alone magazine, with up to 24 pages of edit and about 10 ad pages from multiple sponsors.
Global Business will be a self-contained magazine, with its own cover and a table of contents. The section is modeled after Time Digital, which launched in 1995 as a quarterly insert geared to managers and professionals exposed to high tech. Time Digital quickly grew to supplement status and last year was spun off as an independently published monthly, On, within the Time group.
"We are looking [at Global Business] long-term as another opportunity much like On magazine," says Time publisher Ed McCarrick, referring to GB's potential as a launch. "More so than our other [select-edit] clusters."
Time's other select-edit sections include Family as well as Gold, which takes aim at the 50-plus age demo. With the launch of the new edition, an insert formerly known as Global Business Report has been retitled Your Business and will focus solely on U.S.-based stories.
As with On magazine, the goal is to attract a wide array of business advertisers to Time, companies that currently run pages in magazines like Forbes and Imagine Media's The Industry Standard. McCarrick says he has lined up corporate and financial services ads, and even a new automotive advertiser. A full-color page in Global Business will cost $90,000, compared to Time's $192,000.
Time's business demo editions last year generated $113 million in revenue (17 percent of Time's total ad revenue) and 376 pages (or 12.5 percent of Time's pages), according to the Publishers Information Bureau. The select-edit attracted new B-to-B advertisers, including Aventis and Alcatel Networking Systems.
McCarrick can also look to sister Sports Illustrated for inspiration. The Time Inc. weekly targets 550,000 high-income golfers in its Golf Plus select-edit issue.
"Assuming Time can make the right demo cut, it's pretty attractive," Alan Jurmain, executive director of U.S. integrated services at Loewe Lintas & Partners, says of Global Business. "If it means we're able to better zero in on our target audience, we like that."
Time's competitors have also ramped up their select-publishing activities. Newsweek, in partnership with The Industry Standard, last year launched the 10-times-yearly Enterprise, which goes to 1.2 million professionals and managers. Enterprise uses edit from both Newsweek and IS.