Edipresse India, a joint venture formed between luxury lifestyle media group Edipresse Asia Ltd and Marzban Patel of Mediascope, has announced its plans to launch its first print product by the end of 2009. The JV represents the latest step in Edipresse Asia’s strategy to expand its leadership position in the luxury media segment in Asia.
It may be recalled that Edipresse Asia and Patel had announced the JV on February 3, 2009. In order to cope with the expansion and upcoming developments, the new company will be recruiting local and international publishing expertise.
Edipresse India will be forming a company that will be aimed at producing some of the best magazines in its genre (luxury and lifestyle), these magazines would be printed in India and all the ad sales for the magazines will be handled by Mediascope Publicitas. The aim is to cover every single area in the lifestyle and luxury segment. The magazines would consist of 50-60 per cent of Indian content, therefore, they would be recruiting a lot of people in India across editorial, production, design, style, etc.
On whether the Edipresse India venture would add to Mediascope Publicitas’ overall profitability, Marzban Patel, Chairman, Mediascope Group, replied, “Yes it would. In fact, it will produce international quality products that reach a certain section of the audience. I have already established an advertising sales force, so naturally it adds to our revenue. For Edipresse, it means cost saving, and for us it is revenue generation, so the fit is absolutely perfect.”
Patel further said, “Mediascope Publicitas also has an existing custom publishing business, which focuses on the luxury angle. We have about nine titles, which are between all sorts of frequencies but, a majority of them focuses on luxury.”
“I think we are pretty fortunate that we did not launch around two years’ back and build an infrastructure based on the highs, we will now base the infrastructure on the lows and the only way now for us is the way up. I believe if you have the right content and the right editorial environment reaching the right kind of audience, there is revenue in the market, and also as far as we in our JV are concerned, we are just starting out and so by the time we warm up we only hope that the market would become stable,” he asserted.
Though Patel agreed that there was a slowdown, which has hit every sector and the society, he remained optimistic and felt that this slowdown in India was not a slowdown forever, and that it was a cycle and the economy would pick up steam once again. “We are entering in the business when there is absolute slowdown, fully aware that there is a slowdown, with our eyes wide open, and I believe the only way the market can go from here is up. Nobody has given up on India as it is a growth market and the market of the future,” he asserted.
On the growth rate in 2008, Patel said, “Our international business has not been affected, so we will close 2008-09 as planned. However, our domestic business has been affected, but because we are in a niche business, the impact has not been as severe as other markets. We are in investment mode, but we have not touched the revenue that we had hoped we would.”
On the plans for 2009, he said, “On the international side, we would not see an immediate change. We will still see growth in our business and our niche media business will also grow in terms of revenue, product and profit building.”
Edipresse would be looking into the convergence model as well, giving the reader and the advertiser an opportunity to get together, be it print, digital or event. Therefore, allowing a reader of this product to access information in various ways in this genre and similarly even an advertiser would have an opportunity to interact with the potential buyer in all of these mediums.
Mediascope Publicitas represents over 300 titles in Print; and offers access to various other media options in electronic, radio, in-flight, online and ambient media across the world.
The Edipresse Group has been present in Asia since 2005 and publishes the renowned Tatler Asia magazines. Edipresse Asia is headquartered in Hong Kong.