Tag Archives: The Economist
Economist aims for college-connected readers
by Chris Roush
The Economist has begun an advertising campaign to lure more readers based on college campuses — students, professors and researchers — reports Stuart Elliott of The New York Times.
Elliott writes, “An effort that is to begin on Monday will carry the theme ‘Dare 2 Go Deep With The Economist’ – the numeral, presumably, echoing how so many members of the intended audience use shorthand when they communicate online and on mobile devices.
“Indeed, digital media is the primary way that The Economist and its new advertising agency, Atmosphere Proximity in New York, intend to disseminate the campaign, which has a budget of just under $1 million. The ads will urge turning to The Economist for a deeper, more thorough understanding of what goes on in the world.
“The centerpiece of the effort will be a special Web site, or microsite, dare2godeep.com, with content that includes video clips featuring comedians like J.B. Smoove, interactive games, information about The Economist and an offer for a free, two-week digital subscription.
“Social media will also play a major role in the effort, including a presence on Twitter that includes an account with the handle @Dare2GoDeep and a hashtag, #IgoDeep.
“The decision to reach out within campuses came from research that suggests many people start to read The Economist ‘after it’s recommended by a mentor, a professor, a parent,’ said Paul Rossi, managing director for the Economist Group and executive vice president for the Americas, who is based in New York.”
Read more here.
Most biz magazines post decline in ad revenue, ad pages
by Chris Roush
Most of the large business magazines posted a decline in advertising revenue during the first three months of the year, while the overall magazine industry had a small increase in ad money.
Leading the decline was Bloomberg Businessweek, which had a 30.2 percent drop in ad revenue to $35.4 million, according to data released by Publishers Information Bureau. Its ad pages dropped 32.6 percent during the same time period to 228.52 pages.
Another big decliner was The Economist, which reported a 27.2 percent decline in ad revenue to $22.3 million and a 28.6 percent decline in ad pages to 330.88. And Forbes‘ ad revenue dropped 15.9 percent to $42.1 million, and its ad pages fell 19.6 percent to 266.03.
In comparison, the overall industry posted a 0.5 percent increase in ad revenue and a 4.8 percent drop in ad pages.
Bucking its competitors, Fortune was the only major business glossy to record an increase in the first quarter. Its advertising revenue rose 7 percent to $41.5 million, and its ad pages rose 0.3 percent to 272.94.
The large declines were also seen at some of the smaller business magazines. Black Enterprise, for example, saw its advertising revenue fall 35.4 percent to $3.7 million and its ad pages fall 34.3 percent to 80.41.
Harvard Business Review posted a 13.3 percent decline in ad revenue to $3 million and a 16.9 percent decline in ad pages to 63.80. And Inc. was down 9.7 percent in ad revenue to $6.9 million and down 11.9 percent in ad pages to 81.66.
Kiplinger’s Personal Finance, however, posted a 22.2 percent increase in ad revenue to $4.6 million and a 19.2 percent increase in ad pages to 64.27.
See all of the data here.
Economist accused of contempt in Bangladesh
by Chris Roush
A Bangladesh war crimes tribunal has accused The Economist of hacking the computer of its presiding judge to record conversations and read emails he exchanged with a lawyer.
The Associated Press writes, “The magazine did not directly address the charges, but said it is in possession of conversations and documents that raise serious questions about the workings of the tribunal.
“The tribunal is trying 10 opposition politicians on charges of arson, rape and other atrocities committed during the country’s 1971 war of independence from Pakistan.
“Bangladesh says that during the war, Pakistani troops, aided by their local collaborators, killed 3 million people and raped about 200,000 women.
“International human rights groups have called for fair and impartial proceedings and raised questions about how the tribunal is being conducted.”
Read more here.
The inside story on business reporting
by Chris Roush
John Wihbey of The Journalist’s Resource recently spoke with Greg Ip, the U.S. economics editor of The Economist, about his job.
Here is an excerpt:
JR: What are some pitfalls that young economics reporters should watch out for?
Greg Ip: Let cover a few things that are especially important for journalists.
Number one is the failure to consult the original source. It is amazing how many times you can read something, for example, in a news report or blog post and think you know what they’re saying, and then you just quote it – maybe changing a word or two. And then you realize you’ve completely misinterpreted it. As often as possible, you need to go to the original material. For example, if someone is talking about the unemployment numbers, don’t just quote from somebody’s news article. Go to the Bureau of Labor Statistics itself. You’d be surprised at how often, looking at the raw data itself, the numbers are saying something different than you thought. And you often find something that you didn’t realize before in the numbers.
Also, be careful when you’re quoting a policymaker – for example, when the President addresses the country or gives an interview or makes off-the-cuff remarks at an event. Sometimes only one sentence or two will make it into the news. But when you consult the entire context of what was said it’s often a lot more interesting, and the context makes what was said very valuable. By the way, that’s true in all journalism, not just economic journalism
JR: What about specific errors to be mindful of?
Greg Ip: People often confuse levels and rates of change. For example, people will often say, “Inflation rose last month by 1.7 percent.” What they meant was prices rose 1.7 percent. Inflation is itself a measure of a rise or fall. So inflation is 1.7 percent. That issue to a lot of people isn’t intuitive. You see similar misunderstandings when people talk about the debt and the deficit, or the difference between a stock and a flow. So you can have a debt one year and a surplus at the same time. How is that possible? It’s because you started with a debt of $100, then had an annual surplus of $2, so you end the year with a debt of $98. If you started with a debt of $100 and you ran a deficit of $2, you’d end up with a debt of $102. You need to understand these differences.
Read more here.
The secret to the Economist’s success
by Chris Roush
John Micklethwait, editor-in-chief of The Economist, spoke on NPR’s “The Diane Rehm Show”, along with Stephen Shepard, dean of the City University of New York Graduate School of Journalism and former senior editor at Newsweek and BusinessWeek.
Here are some highlights from the interview:
- The conventional thinking seems to be that in the age of the 24-hour news cycle, who needs a weekly news magazine? But why is Time successful and not Newsweek? What makes one magazine successful compared to another? “It’s that vague concept called editorial quality, by which I mean original stories that are not available elsewhere,” Shepard said. Publications that produce valuable content that readers are willing to pay for use the news for a forward-looking story that incorporates analytical thinking and is relevant not necessarily to what happened yesterday but to what the impact of yesterday’s news is.
- What’s the secret to The Economist‘s success? Micklethwait suggested that while editorial quality is important, it’s always subjective based on the individual reader’s preferences. Globalization and the rise of the mass intelligence, however, are two key macro-level factors that have made The Economist more relevant now than ever. “There’s a much bigger group of people at the top who want to get ideas as part of their diet.”
To listen to the complete interview, please click here.
The business media needs to improve its Twitter use
by Chris Roush
The business media use Twitter as a promotional tool and are not building an online community, according to research presented Friday by two Virginia Commonwealth University professors.
Vivian Medina-Messner and Marcus Messner found that the top business media outlets need to use Twitter as an online social network, not just another publication platform. “More attention needs to be paid to community building — use of hashtags, handles, retweets,” the wrote.
Their research was presented Friday at the 11th annual “Convergence and Society” conference at the University of South Carolina in Columbia, S.C. The conference, which is organized by the USC College of Mass Communications and Information Studies, this year is focused on business journalism.
The professors studied tweets, retweets, headline tweets, Twitter handle use, hashtag and link use by media and frequency of retweets by audience for nine major business media outlets between July and September. The business media outlets were the Wall Street Journal, Financial Times, New York Times business section, CNBC, Fox Business, Bloomberg, Fortune, Businessweek and The Economist.
Of those media Twitter accounts, The Economist has the most followers with more than 2.3 million, while Fox Business has the least with 105,000. However, Bloomberg News uses Twitter the most, while Fox Business uses it the least.
However, nearly 45 percent of all business media tweets are simply headlines, and 99.8 percent simply link to internal links. Only one out of every six business media tweet uses a hashtag, and only one out of every eight is a retweet.
Fortune magazine retweets (one-third of all of its tweets during the study time) the most, while The Economist does no retweeting. Fox Business Network uses hashtags the most, with more than half of its tweets having hashtags. It also tweets headlines the least of all of the business media.
On average, readers of The Economist Twitter feed retweet the most, or about 126 retweets per tweet, while followers of The Wall Street Journal Twitter feed retweet the least, with an average of 3.6 retweets per tweet.
Medina-Messner and Messner suggest that in-depth interviews with social media editors and reporters at business media could help better understand why some business news organizations use Twitter more than others.
How biz media use consolidated media reporting
by Chris Roush
Sean Callahan of BtoB Magazine writes about how business news media such as American City Business Journals and the Economist are using consolidated media reporting, which measures how many people the media are reaching in print, online and through other media delivery formats.
Callahan writes, “The Economist began using the CMR earlier this year. Paul Rossi, managing director-exec VP, Americas, for the publication, said, ‘The response [from media buyers] has been, “This is great, but we want more.’ This isn’t perfect, but it’s the first step in transparency.’
“In its CMR, The Economist measures its print and digital paid subscribers (893,208); unique downloads of its app (255,825); average subscription price ($105.11); page views (14.9 million); monthly unique visitors (3.6 million) and Twitter followers (2.3 million).
“‘Increasingly, we are being asked by marketers to put together solutions that access all of our reach,’ Rossi said. He added that print requests for proposals have been flat so far this year compared with last year, but multimedia RFPs are up 30%.
“ACBJ’s Fisher said 45% of the company’s total audience is in print, while 55% is reached via email, websites, events and other media.
“Media brands see these multimedia reports as a means to focus on the quality of their audience (particularly their online audience) rather than the quantity of that audience. The goal is to avoid selling on a CPM basis, which many publishers view as a race to the bottom.”
Read more here.
Voice of the global elite
by Chris Roush
Aram Bakshian Jr. writes for The National Interest about Economist magazine and how it has become a must read for business people and politicians across the globe.
Bakshian writes, “Admittedly, there are times when the Economist leans a little heavily on plummy English props and mannerisms. Michael Lewis, the popular American financial writer and author of Liar’s Poker, once attributed the magazine’s sometimes laboriously polished prose and tone to the fact that the Economist ‘is written by young people pretending to be old people,’ adding that if American readers ‘got a look at the pimply complexions of their economic gurus, they would cancel their subscriptions.’ This may be the reason almost all of the publication’s articles still lack bylines, much less accompanying photos of the writers. Besides, that hint of pseudo-Dickensian creakiness in its prose is part of the Economist’s charm and its distinctive brand. It also helps to explain its success among educated English speakers around the world who still prize good writing that requires a modicum of sophistication and literary grounding on the part of its readers rather than being written down to the lowest common denominator. As for Fallows, someone should have reminded him that, for the most part, ‘smarty-pants’ tend to be much better writers than sans culottes.
“The American journalist who has come closest to pinning down the Economist’s winning formula is Michael Hirschorn, in a perceptive essay in the July/August 2009 issue of the Atlantic. He suggests that the secret of the Economist’s success
is not its brilliance, or its hauteur, or its typeface. The writing in Time and Newsweek may be every bit as smart, as assured, as the writing in The Economist. But neither one feels like the only magazine you need to read. You may like the new Time and Newsweek. But you must—or at least, brilliant marketing has convinced you that you must—subscribe to The Economist.
“This may explain how an idiosyncratic publication — produced by an allegedly pimply writing staff of about seventy-five from a cramped space in London’s St. James’s quarter — has proved to be David to rival American Goliaths such as Time and Newsweek.”
Read more here.
How social media is changing biz journalism
by Chris Roush
Rob Grimshaw of the Financial Times writes for The Economist about the growing influence of social media in today’s business journalism.
Grimshaw writes, “At the Financial Times, we recognized early on that the continued success of our business depended on our ability to adapt to changing reader habits. Our response to audience fragmentation was to create a multi-channel subscription model that allows our subscribers to move easily across formats at their convenience. A single log-in and password gives access on desktop, tablet and smartphone at any time.
“This focus on flexibility in the face of fragmentation has paid dividends. Digital now represents over 30% of total FT revenues and with over 300,000 digital subscribers we have now reached the point where we have more digital subscribers than print circulation. Our channel-neutral strategy has proven digital to be a supplemental source of new FT subscribers, and this year the FT reached a total paid circulation of 600,000, the highest circulation in our 124-year history and rising.
“We believe that this ability to adapt will continue to be vital to our success because there are undoubtedly further shifts in reader habits to come. One of the most important factors is likely to be social media, which is challenging the fundamentals of news publishing by tying readers up elsewhere. One in six internet minutes is now spent on a social site of some description and the proportion is rising.”
Read more here.
Forbes, Economist to be available behind Chicago Tribune paywall
by Chris Roush
Jeff John Roberts of PaidContent.org writes about how content from Forbes and The Economist will be made available on the Chicago Tribune website.
Roberts writes, “The Economist and Forbes content is being supplied via NewsCred, a news platform that relies on technology to rapidly curate and license content from over 800 partners. Adee says the Tribune will be able to get the other publishers’ content for rates equivalent to a newswire service and that the paper is in the process of adding another business news partner in coming weeks (it could be Bloomberg — a NewsCred client — but that is just a guess).
“‘If you ask people to pay more than you asked before, they’ll expect more from you,’ explained Adee, adding that the Tribune also plans to make several dozen e-books available to online subscribers. The paper’s own account of the changes is here.
“The Chicago Tribune is among the last major papers in the country to introduce a paywall which has given it times learn from others’ efforts. These include the ‘metered’ strategy (allowing casual readers to see a certain number of articles for free) which is now nearly universal and a decision to make content shared via social media available to everyone. The Tribune is also following the LA Times‘ effort to make online subscribers feel that they are buying a membership to more than just the paper; the latter does so by offering tickets and event discounts to its subscribers.”
Read more here.




