[responsive][/responsive]Monocle, the prestige lifestyle magazine, has received a $10 million investment from Japanese newspaper publishers Nikkei, Inc. Monocle is one of several magazines in this high-end sector that is thriving.
“This success is in part driven by strong ad sales from upscale brands, who are looking to sell in a ‘lifestyle environment’ that just isn’t offered by magazines without the whiff of elitism,” says Chris Sutcliffe in the Media Briefing.
Monocle’s October edition has attracted more than $1 million from brands seeking print advertisements—in a magazine that has a circulation of just 80,000 per issue, with 17,000 monthly subscribers. The advertising success of Monocle comes, in large part, from the relatively narrow audience demographic.
The luxe title, and others like it, sell “a fantasy constructed from all the elements from which they are comprised, from the worldview expressed in its articles to the luxury items they advertise,” Sutcliffe says.
Monocle and its peers know exactly who their audience is, which means advertisers know, as well. The specificity of the audience demographic allows for targeted advertisements which are much more likely to be successful than in a mass media setting.
Emma Winchurch-Beale, Bloomberg Pursuit’s EMEA sales director, points out: “Advertisers increasingly are looking for more targeted solutions. There’s lots of opportunities to be mass, there’s very few publications where they feel 100 percent confident where that circulation is going.”
Is the success of Monocle and other prestige lifestyle magazines limited to this genre? Not necessarily. Of course, the “prestige” aspect lends itself to pricier products, leading to larger sales figures, but the concept can be extended. Advertisers are looking for more targeted solutions, and a clearly focused publication will attract a specific demographic. Mass media continues to decline, but more focused print media could be on the rise. If you need proof, just look at Monocle!