The iconic magazine title is restructuring and launching a new suite of products under the “Reader’s Digest Version” banner. New digital products are being polled out as the print side reduces its rate base and publication frequency.
“Reader’s Digest is a $1 billion-plus global brand, with 50 editions worldwide reaching 70 million readers and more than 40 million branded books, music, and videos sold annually. As one of the world’s largest producers of original content, we will continue our transformation into an innovative multimedia brand by delivering content to users whenever and by whatever means they want, through expanded digital and print investments and the development of new mobile, video, and multimedia applications,” said Reader’s Digest Community President Eva Dillon.
A full suite of products is t be launched over the next year. Already, readersdigest.com was completely redesigned and relaunched in June 2008 in the United States, resulting in double-digit increases in traffic and advertising revenue. The site will expand to incorporate “Reader’s Digest Version” programming, providing users with original content on a range of need-to-know subjects–both topical and evergreen. This summer, Reader’s Digest will roll out a global web platform, localized by market, in 21 languages.
As the brand moves to new platforms, the US magazine will reallocate its resources and adjust its rate base from 8 to 5.5 million over an 18-month period, beginning with the February 2010 issue, and reduce its frequency from 12 to 10 times a year. Total global circulation will be 14.5 million, which Reader’s Digest notes is still the largest paid circulation magazine in the world.
Peggy Northrop, the US Editor-in-Chief of Reader’s Digest magazine, has been named Global Editor-in-Chief and will assume the additional responsibilities for directing the brand’s 50 international editions as well as content for all Reader’s Digest platforms, print and digital.