Word: worthing
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...thinking is this: you send the magazine to your selected 110,000 rich folks (chosen, more or less, by zip code and whether they have at least $1 million equity in their home as well as a minimum net worth of $2 million). Those prospective readers are so psyched about the wealth-management advice they get in their free bimonthly that they tell their rich but less-favorably-zip-coded friends, who then plunk down the $20 at a newsstand. "If there's six degrees of separation between all of us, there's about one degree of separation between high...
...Worth had to do something. When founder Randy Jones sold his share of it in 2003, its circulation was 500,000. It finished last year with about 50,000. The subscription rate listed on its website is $36. (Subscribe now and save $84 on the cover price!) And only 3% of its copies were newsstand sales, so it's not like that was a big business anyway. Sandow Media Corp., which bought Worth last year, also publishes Luxe (high-end design), True Beauty (high-end cosmetics) and Watch Journal (high-end wristwear). So the company probably feels...
...Jones, whose book The Richest Man in Town, a compendium of advice culled from the stories of the richest self-made people in 100 American towns, comes out in May, thinks Worth is on the right track. "You have to try dramatic things if you're in the traditional media business," says Jones. "In the next few years, those who are in control of their finances will be spending. Better to market to them than anyone [else]." (See how Americans are spending differently in the recession...
...course, Jones acknowledges, there will be pressure to provide a product worth the cover price. The publication is being redesigned and will have heavier paper with more photography and so forth, but it has not announced plans for an investigative team intent on ferreting out the next Madoff. It has, however, hired an information-services company, Paladin Registry, to ensure that the financial advisers who advertise in the magazine are top-notch. One story we know will be in Worth's maiden $20 issue: an excerpt of Jones' $26 book...
...However, Worth isn't the first magazine to cost $20 an issue. Many foreign fashion magazines hit that mark after being shipped to U.S. newsstands. Self Service, a scarily hip magazine out of France, is $75 an issue. A subscription to Visionaire, the biannual-or-so journal cum art book, is $675 for four issues. And then there's the bimonthly quantitative finance magazine Wilmott, which is $695 a year, or about $115 each...