October 13, 2011
Bloomberg Markets is reaching out to its affluent audience with Bloomberg Pursuits, a lifestyle magazine focusing on luxury automakers, homes, wines, fashion and boats that will go out with the original Markets issue twice next year.
The first Bloomberg Pursuits issue will be released in February with a second test-run edition in November 2012. Bloomberg Pursuits will accompany Bloomberg Markets to reach the most affluent audience possible.
“We’ve always known that our readers have given us license to give more lifestyle edit, and what we’re doing is continuing to serve their needs,” said Mike Dukmejian, publisher of Bloomberg Markets and Bloomberg Pursuit, New York, on the new publication’s name. “They want to know how to spend their money.
“These are among the wealthiest people in the world and they work really hard and have all the major jobs in the world,” he said.
“They want something that will add value to their personal lives.”
Pursuit of heaviness
Bloomberg Markets has current advertisers such as Hermès, Cartier and Ulysses Nardin.
Though it is early in the game, these advertisers and other high-end brands such as jewelers, automakers, travel, wealth management and financial institutions have been open to advertising in Bloomberg Pursuits, per Mr. Dukmejian.
The magazine will write and profile expensive lifestyles of its readers and on subjects including but not limited to fashion, boats, cars, wine and homes.
Bloomberg Markets' readership has an average household income of $589,000 and is the most affluent audience in the category, according to the brand.
The new publication is set for a 375,000-copy distribution – the new 2012 rate base for Bloomberg Markets.
Approximately 97 percent of Bloomberg Markets readers are Bloomberg Professional Service users, according to the company.
Depending on reaction from advertisers and readers, the magazine will publish quarterly in 2013.
Bloomberg Pursuits will likely be 50-60 pages with a heavier paper stock than Bloomberg Markets.
“I think that people who read lifestyle magazines want something better in terms of how it looks and feels,” Mr. Dukmejian said.
What is different about this magazine – and what sets it apart from rivals Robb Report, Financial Times or The Wall Street Journal – is its ability to cover different aspects of the affluent lifestyle, according to Mr. Dukmejian.
To start, there will be articles on individuals who read Bloomberg Markets. Profiling real readers is not done in other publications, claims Mr. Dukmejian.
Also, the readers are younger with an average age of 38, richer and have a global sensibility, he said.
Bloomberg Pursuits also has the ability to cover the entire world with actual reporters posting their experiences.
“We have thousands of journalists around the world, so if we want to write a story about fishing in Patagonia, we can actually have someone there experience it and write about it,” Mr. Dukmejian said.
“Bloomberg Pursuits is not aspirational,” he said. “But it’s a test, and we want to determine two things: reaction from readers and how well they like, enjoy and utilize it, and the reaction from the ad community.”
Rachel Lamb, associate reporter on Luxury Daily, New York