Larry D. Lauer

Most of the government, education, and business leaders I meet think The Economist is the most influential news magazine in the world. And when examined closely, it turns out to be a great example of how the editors of a primarily print publication are using new technology to make certain they are prepared for inevitable changes in media consumer behavior. And instead of contributing to information clutter, they see it as an opportunity to each week cut through that clutter with a concise, well-organized, look at the entire globe.

To be certain we are currently in the midst of a digital revolution and no one can be certain just how and when it will end. The Economist is a weekly publication, and so each Monday morning the editors gather to plan the content for the following week. Reporters send stories for consideration from all over the world, and by Wednesday the magazine’s many components are coming together.  It is then printed in many international locations, circulated there, and therefore can be in most subscriber’s homes each Monday.

But the magazine is also offered in an i-Pad version which can function as a total magazine substitute. Social media are also used to let subscribers know what is happening more immediately, and the Website is managed so as to stay on top of late breaking news.  And so The Economist is gaining experience in all media and stands ready to adjust to trends as they unfold.  The thinking is that the tablet format, containing almost the entire publication, is likely to be the future. So the business plan is to keep the subscription price the same in all platforms and allow subscribing to all of them by paying a small premium.  In other words, unlike many other publications, the editors intend to charge the same for their content no matter how you get it.

Interestingly enough they also have a new feature print magazine designed to be a cultural lifestyle publication, but there is an i-Pad app for it.  They also have an economic and trade data service  for businesses. And they produce conferences and seminars on hot topics with star participants from business, government and media. All of this is very high quality and aimed at diversifying revenue sources. In this way, financial security is maintained while media roles and consumer behaviors change.

In summary, The Economist’s editors see each medium they use, along with the fact that they cover the entire world each week, as opportunities to concisely cut through information clutter and give a more organized and focused report on what actually happened around the world. And they are betting on media diversity… combining digital media, print, data services, live events, and more… to protect their competitive advantage in the midst of still another uncertain media revolution.