In an era of steadily declining readership of English magazines, Covert, the new political magazine from noted journalist MJ Akbar, is going to hit the already crowded news magazine space this week.
Targeted at the upwardly mobile, English-speaking influential decision makers of the society, the 76-page-fortnightly will begin with 30,000-35,000 circulation and will be priced at Rs 20 per issue.
While doubts are being raised whether there is space for another political magazine, experts, however, have expressed hope.
The English political magazine market is currently dominated by weekly magazines like India Today, Outlook, The Week and Tehelka, among others.
According to industry sources, between India Today, Outlook and The Week, over Rs 85-90 crore of advertising revenue is generated annually, even as different suveys indicate a declining readership for English magazines and newspapers.
More than worrying about the readership, Covert is looking to draw its own readers through its positioning that will result in premium perception.
According to MJ Akbar, the magazine will be positioned as a journal that restores the breath of life to news. "We hope, in Covert, to tease the truth out of the wrinkles of secrecy. Our mission is clear: Empower the reader so that he can recognise the powerful," Akbar says in the introduction to the magazine.
"Though a fortnightly is difficult to produce and sustain, MJ Akbar is a brand in himself. Therefore, we can expect more analytical and quality content in Covert," KS Sachidananda Murthy, resident editor (Delhi), The Week and Malayala Manorama, said.
Echoes Alok Mehta, editor, Outlook Sapthahik. "We are competing with television and other magazine titles week after week. I wish Akbar all the best in his endeavour because there is obviously space for a good quality political product," Mehta told Business Standard.
However, an analysis of IRS from 2006-2008 reveals a steady decline in the average issue readership from 13.2 per cent in 2006 (over 2005) to 11.6 per cent in 2008 (IRS Round 1) over 2007. Despite a steady readership decline of both magazines and newspapers, the advertising revenue of both magazines and newspapers have grown in double digits.
According to experts, this has prompted several leading print media companies to launch more print titles
