Mumbai: Magazine group Outlook Publishing (India) Pvt. Ltd is discontinuing Outlook Profit, its four-year-old fortnightly on stock markets that addresses high net worth individuals. The group that publishes homegrown and international titles Outlook, Outlook Business and Marie Claire, among others, will print the last edition of Outlook Profit in December.
According to the media group’s publisher Maheshwar Peri, Outlook Profit is being shut to strengthen Outlook Business, the group’s business magazine. The dozen employees working for Profit will be absorbed in Outlook Business from January 2012. “The magazines were already sharing design and production resources. Our last issue will probably be in December 2011,” Peri said.
The target audience wasn’t necessarily one that looked to magazines for investment ideas, some industry executives said. “High net worth individuals do not read and invest, they depend on advisers and wealth managers,” said the publisher of a rival magazine who did not want to be identified.
Magazines, according to Satyajit Sen, chief executive of Zenith Optimedia Pvt. Ltd, get an estimated Rs 500 crore in advertising revenues annually. The share of English magazines is even less—Rs 200-250 crore. The print media market was estimated at Rs 10,300 crore in 2010, according to a report by the Federation of Indian Chambers of Commerce and Industry and audit firm KPMG. It is expected to rise to Rs 11,800 crore this year.
The move may be an indication of the overall sluggishness of the advertising market, said Janardan Pandey, associate vice-president, Mudra Max Pvt. Ltd, a media buying house owned by Mudra Communications Pvt. Ltd.
The volatility of the market is short term and not likely to have a long-term impact, Peri said. Niche titles such as People and Traveller continue to grow, he said. Outlook Business had an average issue readership (AIR) of 264,000 while that of Outlook Profit was 36,000, according to the latest Indian Readership Survey (IRS) numbers. AIR is based on what participants read the previous day.
Abhilasha Ojha in Delhi contributed to the story