Last week, Media Week revealed that IPC is launching a cookery title called Dinner Tonight to take on rivals such as BBC Magazines and H Bauer. This week, we unveil details of ShortList Media's much-anticipated foray into the weekly women's magazine market, with Stylist.
Received wisdom has been that free men's weekly ShortList has become popular due to the dearth of quality magazines in the sector, but that it would be difficult to launch a women's product due to the high number of qualities already out there.
However, ShortList Media chief executive Mike Soutar believes he has identified a gap in the market to target the 4.2 million-strong "breakthrough generation" of 20 to 40-year-old women who enjoy 11 years of freedom and career building before starting a family.
The theory is that most quality women's titles are monthlies, such as Glamour, Marie Claire and Vogue - and Grazia is the only existing upscale women's weekly.
Soutar has specialised in men's magazines, but was editorial director at IPC when Look was launched, so isn't a complete novice.
ShortList Media made a pre-tax loss of £2.7m in the 2007-08 financial year, on turnover of £3.1m, but has a three-year business plan and Soutar says the company has been in profit for six months and is on track to break even at the end of August - 12 months ahead of schedule.
The firm's investors include hedge fund GLG Partners, Scottish publisher DC Thomson, former Emap boss Sir David Arculus, film producers Matthew Vaughn and Kris Thykier and French Connection founder Stephen Marks. They have all come in with a second round of investment to support Stylist.
The new launch will expand ShortList Media's brand portfolio, provide economies of scale and raise the barriers of entry into the free sector where it is carving its niche. Agencies have been crying out for new magazine launches to reinvigorate the market.
Soutar recently won two PPA awards and he has magazines in his blood. He has also gathered a high-quality team around him. If he can replicate the success of ShortList in the women's sector, it will provide a much-needed fillip to the magazine market in these straightened times.
Steve Barrett is editor of Media Week, steve.barrett@haymarket.com
www.mediaweek.co.uk/stevebarrettblog
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