The one percent is alive, well and being targeted by The Wall Street Journal with a new magazine insert: WSJ Money, a spin-off of WSJ Magazine, which calls itself "the world's largest luxury magazine."
"It's for people who are voyeuristically interested in the high end, and are at the high end," Mike Miller, a Journal senior deputy managing editor overseeing the magazine, told Adweek.
Scheduled to debut March 9 and publish quarterly, the glossy will focus on personal finance and be distributed in the Journal's weekend edition in the U.S., which has a current circulation of 2.3 million. The edit/ad plan is to publish 50 pages per issue: 30 for editorial and 20 for ads.
The announcement follows the recent launches of Bloomberg Pursuits and Dujour, which joined Departures and ForbesLife in the category.
Touted as visually distinctive and emotionally rich, WSJ Money will include stories about people and less-traveled places in the world. Journal staffers including Jason Zweig, Brett Arends and Kelly Greene will be contributing to departments such as "My Biggest Mistake," a celebrity interview; "Empire Builder,"detailing steps to striking it rich; and "Family Office," focused on advisers to the wealthy.
WSJ research shows a growing appetite for all things monied, with subscribers spending an hour on average reading the paper. "An engaged reader base is the best vehicle for an advertiser," said Romy Newman, GM print at the Journal.
No ad clients have been revealed, but Adweek reports Newman will “be hitting up wealth managers, private banks and other financial advertisers for advertising, along with other luxury marketers like automakers.”
"There’s a whole new wealth owner that looks different from the old wealth owner," said Paul Basil, director of marketing at Harris myCFO, a wealth management advisory firm. “Clients take a much more conservative view. I think that’s what [WSJ Money is] trying to get to. Because the last thing we need is a magazine that talks about summering in the Hamptons.”
The WSJ spin-off will be competing in an increasingly crowded market for high net worth-focused media plays. Bloomberg Markets magazine has made inroads with brands like Hermés, Harry Winston, and Johnny Walker Blue, while DuJour magazine pursues those with a net worth exceeding $5 million.
ForbesLife, meanwhile, carries over-the-top stories such as how one billionaire’s desire for an “unfettered place to smoke cigars” evolved into a $27 million palace on Manhattan’s Upper East Side. “We’re taking advantage of our access,” its editor, Randall Lane, told Women's Wear Daily. “That’s what makes us different. We have access to the most interesting, most powerful people in the world.”
WWD commented: “These titles are benefiting from the fact that during the past few years, the American middle-class has virtually disappeared. As middle-income consumers get pushed to the bottom of the hourglass, the brands succeeding are those that target low-end and high-end consumers.
“Whether it’s at Wal-Mart or Chanel, these are the only two groups spending money,” said Nina Lawrence, the publisher of W.
[Image: Wall Street Journal via Adweek]