As if the New York Times wasn’t having enough trouble keeping up with an ad recession and the Internet crushing its print business. Now the newspaper is facing increasing competition for print ads… from Murdoch’s Wall Street Journal.
Bloomberg: Saks Inc., a Times advertiser since 1924, recently chose to promote a new Chanel boutique and made-to-measure men’s suits in the Journal. Owner Rupert Murdoch’s expansion of general news coverage and a new lifestyle magazine are starting to attract wealthy consumers and create ad space for retailers, said Milton Pedraza, chief executive officer of Luxury Institute LLC.
“They certainly have become a significant part of the advertising mix for luxury brands where they were not before,” said Pedraza, whose New York research group tracks the market for the most expensive lines of consumer goods and services. “They’re definitely stealing advertising dollars.”
And then there’s the stats: The WSJ has a paid circulation of 1.4 million, up 2.4% y/y. The NYT: 859,000, down 5.5%. With more readers, the WSJ can charge more for ads, $264,426 for full page colour vs. $193,800 at the NYT.
Business Insider Emails & Alerts
Site highlights each day to your inbox.