It seems that the Ananda Bazar Patrika Group is all set to launch the Fortune India edition, finally. The company had entered into an agreement with the Time Inc around two years ago.
This is evident from the fact that the media company is on the look out for a creative agency for the business magazine brand. Though, when contacted by afaqs!, Pavan Varshnei, president, English magazines, ABP Group, neither confirmed nor denied this development.
The brief is concise and relatively obvious - preparing for the launch of the iconic brand, Fortune.
Fortune is one of the most respected business magazines of the world. It's a matter of prestige for many businesses houses, companies and CEOs from across the world, to be featured in the Fortune 500 list, which is released every year.
In North America, the magazine claims a paid circulation of 8,66,859 copies with a readership of 37,86,000. The magazine has 25 issues in a year, which implies one issue every two weeks.
The magazine has a higher skew towards males readers which comprises 79 per cent of its readership base. The median age of its readers' profile is 49 years out of which 48 per cent belong to the top management.
As per the card rates, a full page 4 colour ad on Fortune North America costs $1,18,600 and for a B&W full page ad, the rate is $82,900.
The growing importance of Indian economy at the global level is one of the key reasons why the Indian market has emerged as a priority market for the international business magazines. A few months ago, Fortune's arch rival, Forbes launched its India edition through an agreement with the Network 18 Group.