Q. It is being widely observed that print publications are not attracting enough readers anymore. More and more traditional print publications are announcing their plans to move the digital way. How do you see this impacting your business?

We actually already have one non-magazine brand website, Worldbusinesslive.com. I believe that we will continue to launch magazines as well as websites. They do different jobs. Websites provide instant news and up-to-date information. I believe that people do not read 1,000-word articles on a website, while people take time to read articles on magazines while travelling in a train or at home. There are probably other reasons why people are not adding to the number, in terms of readers. It may be due to the clutter, the quality of the magazine, the branding of the magazine is not good enough, or the research methodology or the readership surveys are not conducted well.

It's very difficult for me to be an expert on India since I do not live here, but I think that there are probably other issues. I believe the biggest issue is that nobody is audited. There is no established ABC or BPA. Yes, the younger generations are introduced to the web and magazines are not something that they naturally pick up, because they have their mobile phones, laptops or computers. You could go on for many hours talking about why people aren't reading magazines, and you would still not find any one particular reason. We see websites as a brand extension of our magazines and it complements our magazine brands. Most of them have website, a set of awards, conference, forums and exhibitions. Power of the brand is perched through many different channels. So I don't think web is going to overtake or kill magazines – they do very different jobs.

Q. How is the Indian magazine market different from the US or the UK, or any other developed market?

It's quite different. Let's look at the US market, which is a subscription-based market. Eighty per cent magazine sales in America are based on subscription, while the rest is through newsstand sales. Subscriptions are very cheap, at maybe $10 for a year, as against the cover price of $35 a year, resulting in huge discounts. It's predominantly an advertising model. So the numbers are huge and large American magazines run into millions – they are huge brands. I think that is the primary difference. In the UK, I think it's about maturity. The UK market is more mature than the Indian market; it's better developed, the distribution channels are better, and it has about 30-50 years more experience.

Q. Many international magazines have been coming to India. CondeNast's ‘Vogue’ and your magazines like ‘Autocar’ and others have entered this market. Do you think India is ready for more such international products?

It was an issue raised at the Indian Magazine Congress 2007, whether foreign titles are stifling the creativity of Indian publishers. I don't think it is stifling creativity of the Indian market; it cuts your risk down in terms of what we may have invested. Before we launch a magazine in the UK, we spend many millions of pounds in research, building up contacts with clients, the design, the editorial philosophy and branding. When you license a brand and adapt it to the Indian market, the risk factor is greatly reduced. So in a way, it gives the market a headstart, and it's then what the brand licensee or the owner chooses to do with the brand in the country.

In England, 'Autocar' is a weekly title. It has a different size and shape. We have changed the format of 'Autocar' to adapt it to the Indian market. So it's a very different product. So here you use creativity to adapt it to the Indian market. I would hate to think that we are doing anything to stifle creativity; I think we are aiding creativity.

Q. Do you think that the Indian Government is doing enough in providing timely licenses to international players? Or is there a need to change the media policy somewhere? Please give your reasons.

I will find it difficult to comment on what the Government of India is doing, as I am not a politician. We would like the process to be simple and quick.

Q. Many niche or vertical products are entering the Indian market. 'Outlook Money' is one such example. Is the Indian market getting more niche day-by-day? What do you think is the future of general business magazines?

As the numbers of magazines grow in any country, they do automatically become more niche. People's habit is such that when they are exposed to a medium, and once they get interested in a particular subject, they want more details on that particular subject. So they actually force the market to become more niche. I think niche titles are in a way more profitable and more rewarding. It's just a natural progression.

Q. Many international publications are coming to India through JVs, franchising or licensing models. Which is your preferred model and why?

It's a difficult question to answer in many ways. We have seven businesses overseas. Most of those are wholly owned. We have both JVs and wholly owned businesses here in India. In some countries, it just makes sense to wholly own because you can understand the market and the laws, and the economic and political stability makes sense to wholly own. In other countries that are developing or more risky, licensing might be the way forward. We are a small-medium company with limited resources; you got to pick your targets. You can't invest everywhere. Everybody loves to be everywhere; it's just not possible. So you got to pick your targets and continue to invest in them.

Q. Kindly elaborate on the bottlenecks faced by foreign publications while launching in India...

I think one of the struggles is talent. I think that the explosion of media in India as a whole has made it very difficult to find talent. The industry is young, so there are a number of people out there who not necessarily want to work in publishing. IT and manufacturing industries are growing. This is a booming economy, and therefore there is a shortage of skill. As you grow, you need more sales and editorial staff. There aren't that many in the market and so everybody is poaching and people get inflated salaries, which is not good for the industry because it sends out wrong messages. So I think that since the challenge is that of staff, as an industry going forward, we should come together and encourage more people to join the industry, as well as set up training academies. Another thing that needs to be developed is the research in India.

Q. A lot has been spoken about platforms like the Internet and mobile for the content of magazines. Do you think the time has come for publishers to think big about these two media, particularly mobile?

Absolutely yes! If you have to think about your magazine as a brand, if you need to think your content as your USP, and if you want to spread that to the largest audience possible, the mobile and internet allow you to do that. You have to work on how to make money out of it, which is not simple. It's a great opportunity for interactivity with your readers. From what I understand, mobile is much bigger here than it is in the UK. So there has to be an opportunity there. My only word of warning to people is that don't irritate your customers. Send them only what they want, after finding out what they want.

Q. When will we see the online products from Haymarket stable concentrate on the Indian context?

In the next few months. We are in the planning process right now. It's not that we do not have the priority for India; we already have a website for 'Autocar India'. But the next stage will come early next year.

Q. In an interview with an international publication, you had mentioned your plans to launch two more products in India. Kindly elaborate on the same.

We will be launching two more business titles very soon – 'PrintWeek' and 'Family Physician'. We have half the licenses required. Besides, we also have a consumer license, which we have yet to enact. We already have a market for 'PrintWeek' as there are close to 6,000 registered Indian users on pressXchange.com, and we are catering to that demand. For 'Family Physician', it just seems logical as a large number of Indian doctors are undertaking training in the US or the UK, and we believe that we can give them their continued training.

Q. Talking from an advertising perspective, which medium for a magazine would generate more revenue in the coming years? Would it be the Internet or print?

If you look at your title as a brand, I would say it doesn't matter. To answer your specific question, it depends on how big your brand is. I suspect if you have a big magazine brand, then the magazine would continue to make more revenue than the website now. Five years down, I don't know and I wouldn't be able to take a guess.

Q. ‘Campaign India' is a niche, low circulation product. When can we see Haymarket coming up with mass-market titles in India?

You won't. Mass-market titles are very unlikely, and it's not what we do. We will never be launching a mass-market title, as the scales are different.

Q. What will be your advice to international players – in terms of content, packaging and distribution plans – who want to enter the Indian magazine space?

Don't come here and think you know it all. This is India. Things are different and you have to understand your market; you have to find a good partner who is willing to work with you. It's extremely important to have the right partner and you cannot come here presuming you know it all. Take measured risks and prepare to be here for the long term. Invest in your product, people and listen.

Q. India is a country with several languages, Are you planning to launch any regional products for the market?

We currently license content to regional publishers. Autocar's content is available in different languages. It's a different model and if we feel there is a genuine demand for one of our titles in a local language, we will definitely go ahead with that. I guess we would launch local language websites. We will follow what the reader demands.