Bloomberg Pursuits is folding its print product. The luxury magazine, which is distributed exclusively to Bloomberg Terminal subscribers, will cease print publication after its current December issue.
The digital edition will live on, and online content will remain free to all audiences. In addition, the October-launched show “Bloomberg Pursuits” will continue to air on Bloomberg TV, and luxury reports will continue on Bloomberg Radio. No personnel changes are expected at this time.
"We're deliberately shifting Bloomberg Pursuits to a digital-first brand for our audience of global business decision-makers, which will include a continued commitment to luxury content that will appear across our multiple platforms," a Bloomberg spokesperson said in a statement.
The Pursuits brand launched in 2012 as a biannual print offering, but increased frequency twice: up to quarterly in 2013, and up to six issues a year in March 2016.
Ted Moncreiff, editor-in-chief of the magazine until 2014, told Folio: in 2013 that the magazine increased to quarterly due to demand from its audience. The magazine has a global rate base of 375,000, but this number is stagnant due to the exclusive nature of its distribution.
While Pursuits will continue to focus on luxury coverage, a consumer and digital-first strategy is a major shift for the brand.
The specificity afforded by its exclusive audience was part of its early editorial mission, according to Moncreiff.
For example, content is divided into Seek, Spend, and Pursue. The September Spend section features a $35,000 watch, aimed at an audience that is not aspirational, but actionable.
“The tension is between growing the rate base and keeping these astounding demographics. In my mind, the demographics are more important than a broad appeal — this isn’t intended to be all things to all people, which is a good thing these days,” Moncreiff told Folio:.
Bloomberg claims that Bloomberg Pursuits has the highest audience wealth among comparable luxury magazines, with an average household net worth of $2.8 million. While going digital-only may increase the brand's overall reach and page views, it will likely reduce the affluency of its average reader.
This is the latest change at Bloomberg in the last few months.
Megan Murphy, the new EIC, will refocus editorial on business and finance, with more daily news, and more digital, according to a staff memo. Magazine journalists will also be integrated into the greater Bloomberg newsroom.
Changes have hit the Markets teams at well. Around 30 journalists who cover markets globally for Bloomberg were laid off at the end of November. In October 2015, Bloomberg Markets the magazine — which is also distributed to the terminal audience— cut its print frequency from 12 issues annually to six. Longtime executive editor Ron Henkoff left the company at the end of 2015, along with a dozen other staff members.
Co-managing editors John Heilemann and Mark Halperin will also leave Bloomberg Politics, as the section reorients itself for post-election coverage. Heilemann and Halperin host the political TV show “With All Due Respect,” which will end after president-elect Donald Trump’s inauguration in January.
In August, Bloomberg Media promoted Keith Grossman from U.S. head of sales to global chief revenue officer. He replaced former CRO Paul Caine, who left the company in mid-July.