The Economist has announced that they will be handling the magazine’s advertising sales and sponsorship offerings directly in India with effect from August 1, 2011. Till now, Business India’s International division has been handling this portfolio.
Making the announcement of the change, Suprio Guha Thakurta, Managing Director, The Economist, India, said, “The Economist has been actively marketed in India for over three years now. We have been very encouraged by the response, both from consumers and from advertisers. Our circulation in India has doubled and the number of advertising pages in the edition circulating in India is close to doubling this year.”
Explaining the need to invest in a sales team, Guha Thakurta added, “The worldwide story for The Economist has been equally exceptional with circulation growing year on year for over a decade, in a print market that has been under huge pressure. The Economist online has grown to become the world's most valuable community for intelligent analysis, discussion and debate. The launch of the iPod, iPhone and iPad applications have been runaway successes with over two million downloads. Our social presence is equally impressive, with over a million Twitter followers and a Facebook fan following of over a quarter million.”
“All this has meant that the complexity of the sale has increased tremendously, with interplays between various assets regularly forming part of the package. It was felt that it was time to invest in our own sales team to manage the challenges arising out of these opportunities,” he added.
Guha Thakurta acknowledged the considerable role played by the Business India team in establishing the brand’s presence in the media and business firmament. “Both Ashok Dey and Pheroza Billimoria of Business India have acted as true partners in our growth story. While there is always sadness in the end of a relationship, we know that the Business India team will be proud of what they have achieved and will wish The Economist further success in India,” he said.