Bloomberg BusinessWeek has been through a lot in the past year. First, its ad pages tumbled 33.8% in 2009, sending enough of a foreboding message that its parent company, McGraw-Hill Cos., opted to sell the brand.
There was symmetry in the process: McGraw-Hill founded the brand in 1929 as the Great Depression was starting and sold it 80 years later to Bloomberg L.P. as the Great Recession was ending.
The first few months of Bloomberg's ownership saw a further erosion in ad pages, which fell 18.7% in the first quarter compared with the same period in 2009.
But Bloomberg has a vision for the magazine, which now goes by the name Bloomberg BusinessWeek. The vision includes expanding Bloomberg's reach from the financial services sector into the executive ranks of all industries, which BusinessWeek has traditionally reached. Additionally, while so many news organizations are shrinking, Bloomberg has 1,700 journalists who can bolster the content offered by the business weekly.
No.8 - Bloomberg BusinessWeekPhone: (212) 318-2000
Traffic: 11.4 million UMV**
Ad revenue (print): $162 million***
Ad revenue (online): N/A
Ad rate (print): $115,600 for 1 page 4/C
Ad rate (online): $16 to $210 CPM
* ABC **Omniture ***PIB
Bloomberg's vision became clearer last month when the magazine's April 26 issue ushered in a major redesign. On the cover of the 136-page issue was a photo of Goldman Sachs CEO Lloyd Blankfein under the headline, “Hard Target.” The story inside looked ahead to Blankfein's testimony in front of a Senate subcommittee.
In an interview, Bloomberg BusinessWeek Editor Josh Tyrangiel said the story was an example of how the news stories in the magazine are forward-looking. “Our job is not to review the week's news; our job is to get people ready for the week ahead,” he said.
The magazine is increasing its frequency from 47 issues a year to 50, and it is using a heavier paper stock. Creative Director Richard Turley led the redesign.
Bloomberg BusinessWeek President Paul Bascobert, who left Dow Jones & Co. last year to join Bloomberg, and his sales team are charged with selling the revamped magazine to marketers. In an interview, he said, “Obviously, it's a tough market out there, but we're fighting every day for our share of it.”
Ted Kohnen, VP-interactive marketing at Stein Rogan+Partners, thinks Bloomberg BusinessWeek's future is bright. “There's a high composition of small-to-medium-business readership, which is a huge market and which other print products don't reach as effectively,” he said.
Advertisers in the first redesigned issue included Cargill Inc., Citrix Systems, GE Capital, Hewlett-Packard Co., IBM Corp. and Microsoft Corp. —S.C.