Luxury Magazines Not So Recession-Proof After All?
McMurry’s ‘6’ suspends publication under tough economic pressures.
McMurry’s 6, a magazine the custom publisher said targeted readers with household average net worth of $25 million, has suspended publication. CEO Chris McMurry said the company will consider relaunching the title when “the economy and luxury goods ad spending pick back up.”
When the magazine launched last fall, it entered a crowded luxury magazine market at a time when the bottom was about to fall out of the U.S. economy. One could argue that it wasn’t the best time to launch any magazine, not to mention one targeting luxury goods advertisers. Or, perhaps because the ultra-affluent can be a bit more insulated than the rest of us in tough economic times, it could have been a fine time to launch the magazine.
For instance, Singapore-based publisher CR Media next month is planning to launch Prestige New York, a U.S. version of its Prestige Singapore flagship targeting “high net worth individuals.” The monthly magazine will carry a controlled circulation of 50,000 and distribution in ultra-affluent households, primarily in New York.
In the meantime, here’s a quick look at how some of 6’s competition fared last year in terms of ad pages and total circulation:
Sources: PIB and ABC