When it comes to attracting more readers and broadening their audience, magazine publishers need to get their targeted clientele to “like” them. Gen Y, largest consumer group in the world at the moment, is a cohort of digitally fulfilled 18 to 34 years old who have been raised in a fast-paced technological oriented environment. Surprisingly, millenials still overwhelmingly enjoy reading magazines due to their increasing desire to escape their exhaustingly multi-screening, connected world. According to Future Foundation, 65% of Gen Y feels the need to escape emails, texts and calls through the break that offers the reading of a magazine. However, due to its high media-literacy aptitudes, this generation reads magazines in different ways than older generations used to. Indeed, Generation Y mostly engages with magazines through social media platforms, looking for promotions, discounts or special contests. Magazines are just as relevant to young people than to older generations. However, millenials don’t buy them the way they used to. With the successful establishment and impressive audience of social media platforms such as Google Plus, Twitter, Facebook, LinkedIn, Pinterest and Instagram, magazine brands have started to adapt to the digitization of media consumption through the development of innovative digital experiences. In fact, millenials are highly influenced by the positive feedback from their reference group – colleagues, family, friends, subscribers and followers, in terms of brand identity, purchase decision and behavioral criteria.
Furthermore, according to recent statistics, there are more Gen Y members in North America than Baby Boomers and this large demographic will represent 50 per cent of the total North Americans by 2015. Therefore, since this cohort spends five times more in goods and services than the previous generation did, it is radical to investigate on how they form their purchasing decisions and how to attract them. Companies need to make radical changes soon since Gen Y will represent the biggest revenue source for every American and Canadian industry.
Various stereotypes concerning Gen Y, in which they are portrayed as self-centered, greedy and needy individuals are used for the development of new business models. Actually, these stereotypes have led to a multi-faceted type of business model for successful modern magazine brands, in which the total revenues come from the magazine itself, websites, apps, social media, events, consultancy and content production. This is interestingly clever for Gen Y since magazines are now offering them more opportunities to interact with the brand through a horizontally integrated economy model. Also, this diversification of revenue streams is equally beneficial for the brand.
In order to deal with the distinct characteristics, influences and brand affinities of Gen Y, companies need to develop a network of inexpensive Internet tools such as blogs and micro-blogging. One fashion magazine in particular outstandingly attracted Gen Y to their brands by analyzing its special need and distinct characteristics. First, fashion and beauty magazine Stylist, have well adapted to Generation Y’s need for experiential platform, luxurious good and quick response. This French magazine, which began in 2009 in Britain, is now the highest-circulated women’s fashion and lifestyle magazine in this European country. Moreover, Gen Y deeply understands and greatly appreciates luxury, but these individuals are used of getting all of their information concerning fashion and beauty freely on the Internet. Aude Walker, editor in chief of Stylist, believes that “Free is not cheap” and provides this generation with a quality of luxurious and affordable fashion articles. What makes this magazine interesting and prodigious is the fact that the distribution is done through a gathering of young individuals handing out free copies at selected subway station in Paris, New York and London to specific consumers – young vibrant women. This high-targeted distribution allows this brand to utilize further the distanct characteristics of its clientele and to succeed financially. Each week, more than 400,000 issues of Stylist are distributed in France and the magazine’s revenue reached more than 15 million dollars in 2014.
Here are four other interesting magazines addressed to Gen Y individuals:
TrendingNY is an American fashion and beauty magazine based in New York City that is published by Hearst Magazines. It provides Gen Y women from New York City a New York, millennial-targeted look at fashion, beauty, career and pop culture. The free weekly publications give the readers a fast, fresh look at the hottest things to see, experience and buy in New York City each week. It features a detachable agenda for the best happenings of the week, a beauty section with the best new products a trend and a beauty map showing the best destinations for cosmetic shopping.
2. Twelve Magazine
TWELV is a magazine featuring fashion articles, trends coverage, band reports, actor interviews and behind-the-scenes coverage of art in the progress. It is aimed at a young humble and altruistic audience with a refined taste for fashion. 12% of the magazine’s revenues and web sales are donated to charities such as the World Food Program USA, Médecins Sans Frontières and United Nations Development Program.
Numéro is an international fashion magazine with a circulation of 80,000 that covers international fashion, beauty, design, health, architecture, celebrities styles, trends and decor. It was founded in 1998 by Elizabeth Dijan and celebrated its 100th issue in 2009. It is aimed for intelligent, smart woman who wants to read about art and design instead of which creams is best for wrinkle and how to seduce a man.
4. W Magazine
W is an American fashion magazine published by Condé Nast Publications that was originally created in 1972 by James Brady. This oversized – ten inches by thirteen inches, magazine has nearly half a million readers and it aimed at young professional and wealthy women. It is often the subject of controversy and is known for its disturbingly provocative coverage of American and European society.