Media Transasia India Ltd and Dennis Publishing have formed a 50:50 joint venture, Dennis Transasia India Ltd, to launch a new technology online title by the end of this year and three magazine tiles by next year in India.
Dennis Publication is an independently owned media company, which is also a major shareholder in Seymour Distribution, a magazine subscriptions company, and Dovetail Services Ltd, a subscriptions, marketing and fulfilment company. Dennis Publishing is privately owned by Felix Dennis.
Speaking on the decision to enter the Indian market, James Tye, CEO, Dennis Publications, said, “We see India as a dynamic market with huge potential. The growth in India is bigger than in the US and the UK, and we feel it was important for us to be present in this market. Also, I believe it is better to enter a new market in a joint venture than going it alone.”
“We developed good relations with Media Transasia when they took the licence to bring ‘Maxim’ and ‘Blenders’ magazines in India, and we though this was the right company to do form a JV with them as we are both privately owned companies and share the same philosophy of serving our customers with innovative editorial, in print, online and on mobile. We are confident that Media Transasia will be great partners,” Tye added.
Tye further said, “By the end of 2009 the business will have expanded operationally into four territories (UK, US, India, Australia). We also have concrete plans to enter the Asian and European markets soon. The move into India will tap into the fast-maturing media market of 1.1 billion consumers. We will come out with an online tile by the end of this year and three print titles next year.”
Rasina Uberoi, Vice President, International, Media Transasia, said, “It is indeed a pleasure for Media Transasia to get into a joint venture with Dennis Publications. Both are focused on serving the customers with innovative and effective advertising solutions. With this JV, Media Transasia intends consolidating its position as the most dynamic ‘new age media company in India’ with presence across both magazine format as also digital. We have huge investment plans lined up for India and look forward to making this JV make the Indian media scene rock.”
Talking on the price of the new titles, Uberoi said, “‘Blenders’ the recently launched magazine, is priced at Rs 100. The other magazines that we will launch will be close to this amount. We are targeting an upmarket select group in the 20-39 age group. At present, we are only targeting the men’s segment and will not be diversifying.”
Talking about the marketing and advertising plans, Uberoi said, “For every particular title that we launch, we take a complete 360-degree initiative and we will be doing the same when we are close to the launch of our next title. Depending on the product and the market segment that we are targeting, we will decide our creative agency.”
Speaking on the ad budgets, she added, “We are willing to invest whatever it takes for us to be successful.”