The Riches; They Buy Things!
The sort of amazing thing about the comments on this Gawker post about the new luxury mag we’re doing is there seem to be a lot of people who think you can’t make money off of rich people. Every print launch we’ve done this year has been profitable, and some extremely so. I get the EWWW RICH PEOPLE THING sentiment, but the suggestion that it doesn’t or won’t work (or that the Observer, of all places, shouldn’t be doing it) seems like very wishful thinking on the part of the commentariat.
For us, the economics have gotten better, not worse—thanks in part to new digital revenue, expansions like Commercial Observer and Yue, as well as incrementally from things like Scooter and NYO mag. The Observer has historically had significant losses every year, and it doesn’t anymore. And getting it to break even was partly a function of trying new things and creating new products for much the same audience. It’s not rocket science; it’s just being entrepreneurial. So not surprisingly, we think the new mag will do pretty well. Bet against it at your peril.
(Or at the very least, bet against it with me on the other side of the wager so I can make some money off the deal. Any takers? Rex? Felix?)
Notes
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felixsalmon reblogged this from spiers and added:
OK, I think we have the bones of a bet here. If the first year’s revenues exceed the first year’s expenses, you win. We...
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youngmanhattanite reblogged this from spiers and added:
*POOPS POOPCORN*
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Oh god, no way. Spiers will win...one. No one kills a magazine
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No way I’m taking...spiers, but I hope that someone does
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