Paprika Media Pvt. Ltd launched the Delhi edition of Time Out magazine on 3 April.
Time Out is a UK-based listings and lifestyle international magazine and Paprika Media, part of the Essar Group, holds the rights to the title in India. The magazine was launched in the Indian market in 2001 with a Mumbai edition.
Avtar Singh, who was earlier with the Outlook Group’s City Limits, a city-based magazine, will be the editor of the Delhi edition.
The English-language magazine will be available fortnightly and is priced at Rs30.
Singh said the magazine will have information on street-side stalls to high-end restaurants, art galleries and shopping malls.
“The magazine will be like a written guide for people living in Delhi,” he added.
Time Out Delhi is following a 70:30 advertising subscription revenue model and is targeting a readership of 40,000 in the first year.
In the inaugural issue, the magazine already has Hutch Vodafone, Religare Securities Ltd and Hidesign as advertisers. The Mumbai edition currently has a readership of 3.6 lakh and according to Swarup, it has so far managed to get Rs18-20 lakh in advertising revenue for each edition.
Magazines accounted for Rs940 crore in the total ad spends of Rs16,300 crore in 2006. Of late, the international magazine market has been showing signs of saturation but, according to industry estimates, the Indian market is growing at approximately 35% every year.
“Print media on the whole is growing and the magazine industry particularly is maturing,” said Swarup.
“In the West, the Internet has eaten up much of the print readership whereas in India, the Internet market has yet to catch up. Thus, there is room for new players to come in,”he said.