This morning I attended the introduction of The Wall Street Journal’s highly anticipated lifestyle magazine, WSJ.
At a time when most newspaper companies continue to dial back investment in their ink-on-paper products because of the Web, the Journal is forging ahead with print (backed by Rupert Murdoch’s News Corp., which officially acquired Dow Jones, publisher of the Journal, in December).
While I miss the pre-Murdoch incarnation of the Journal — a more prominent A-Hed column, the quirky front-page feature that used to be in the fourth column up top but now often runs below the fold and deep-dive, impeccably reported page-1 stories that, regardless of the subject, were the perfect antidote to staring at a computer screen all day — the media magnate has since acquiring the Journal beefed up the newspaper’s political coverage, enhanced foreign news and brought in new opinions to add to Journal’s stellar lineup of columnists.
Now comes WSJ. This is a luxe play, with heavy paper stock, rich photography and profiles of high-rollers. (And, hey, if you want to burn $17,600 on an underwater watch, this is the magazine for you.)
Timing is everything. And in the first issue WSJ. lucks out with a piece on the exercise regimen of Alaska Governor Sarah Palin, who late last week was named vice-presidential running mate of John McCain. I also liked ‘The Way We Wear’ column (featuring a history of the trench coat), ‘Donate,’ which explores philanthropic efforts and a piece on pet fashion titled ‘Poochi Gucci’ (too cute by half). The editor in chief of the magazine is Tina Gaudoin, a British import who was previously editor of The Times Luxx, which is also owned by Murdoch.
The first issue debuts Sept. 6, as part of the Journal’s Weekend Edition. It will have an initial circulation of 800,000 in the U.S and 160,000 outside the States. The publication is being introduced as a quarterly before going to a monthly frequency next summer. The 104–page premiere issue has 51 advertisers, ranging from Burberry to Dior to Louis Vuitton.
While The New York Times Co. certainly has a few pennies to fight fire, the aim here seems to be for the Journal brand to steal some share from The New York Times Magazine (not to mention the daily edition of the Times).
Murdoch has significantly altered the Journal and pushed out a new print magazine amid a slackening economy and a decline in consumer confidence. But he’s just getting started. Next on the agenda: a massive overhaul of WSJ.com. Love him or hate him, but pity anyone who underestimates Mr. Murdoch’s ambitions.
Keep your eyes (and ears) peeled next week for audio interviews about WSJ. with Gaudoin and Michael Rooney, Chief Revenue Officer of Dow Jones & Co.
