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| Vince Cheng Managing director MEC Taiwan |
Moritz Wuttke CEO Asia & China Publicitas |
Innes Doig Editorial director Emphasis Media |
Shirley Zhang Xiao-Dong GM Trends Publishing Group |
YES |
NO |
YES |
YES |
| “The global economic climate is unpredictable. The impact on banks, insurance and financial institutions is unparalleled. However, some experts predict that Asia - and especially China - will not be hit as hard as the Americas and Europe. Even though the worldwide economy faces a very tough situation and the print media environment has been radically affected by the internet and consumers’ changing media habits, I still think if a print-based media can define its target to offer serious and reliable editorial content, and be clear about different revenue streams, it can succeed. High-end business magazines such as China’s Rich Weekly and The Founder clearly target specific high-income, management readers. Although we call this a niche market, a niche in China is sizeable. How to approach and keep this readership will be the main challenge going forward.” |
“The answer from an advertising revenue perspective is no. From the reader’s perspective the answer is eventually, but probably, also no. In difficult times all existing newspapers and magazines with a business or private investment focus see circulation drops and fewer advertisers willing to spend on them. In the last downturn in 2001 to 2003, many newspapers and magazines focusing on finance lost a tremendous amount of money or even folded. To start a new publication at this moment would therefore be even more difficult. It would be hard to convince readers to buy a magazine they have not heard of and find advertisers willing to spend money in an unproven publication.” |
“Despite economic turmoil and aggressive challenges from other media platforms, it appears there remains an undiminished urge to launch up-market print publications. I strongly believe that great and original ideas executed by visionary publishers and editors will always have a chance. Just look at how Wallpaper, Time’s style magazine launched by Canadian journalist Tyler Brûlé in 1996, has remained a fixture in the market - a great idea launched by a visionary figure, if ever there was one. Maybe we should also take heart from the example of Russian Vogue. The magazine was launched in 1998 just as the Russian economy was experiencing a severe economic crisis. Its recent 10th anniversary issue weighed in at 632 pages, more than 300 of which carried ads.” |
“I wouldn’t say it is the best time to launch a high-end business magazine in China but I think the new titles still have an opportunity to win readers in terms of their content. From a psychological perspective, everybody knows we are facing worldwide financial crisis. But high-end markets still need diverse media support. If the magazines can really reach their target consumers, then more clients will want to co-operate with them to develop this niche market. Lots of customers are cutting their budgets, especially luxury brands. But some wealthy people are still wealthy in China. Luxury brands may change to have a more conservative budget in other markets, but they should keep their original budget plan for China. What’s more, I expect some luxury brands will shift their ad budgets from TVC to print, as TV is for the mass, and print in luxury publications is more targeted.” |
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