The National Journal was founded in 1969 as a pricey weekly for inside-the-Beltway news bureaus, bureaucrats, lawyers, and lobbyists who would pay a hefty annual fee to assure that their staffs were fully briefed on big issues (a single copy would circulate with names stapled to the cover to be checked off). Across the continent, the Hollywood Reporter (and its traditional competitor, Daily Variety) served a comparable purpose for the entertainment industry. At a relatively high subscription price, insiders were able to keep track of the minutiae of their respective businesses. Now both enterprises are in the midst of total makeovers with a common goal: providing essential (or irresistible) information to targeted audiences that expect quality material and whose industries are prepared to support substantial advertising rates and expensive subscriptions to sustain them.
Atlantic Media (where this column appears on TheAtlantic.com among the correspondents who write regularly as "expert" commentators) is one of Washington's media success stories of recent years. David Bradley, chairman of Atlantic Media, has invested millions of dollars in The Atlantic magazine, upgrading the website so that it now has 4.5 million unique visitors a month and some of the biggest names in the blogosphere. Atlantic Media has developed a strategy for selling print and digital advertising, as well as hosting conferences, often with the enterprising Aspen Institute. But the big news--in the critical scorecard of business--is that Atlantic Media apparently has turned around the magazine and made the website a lucrative destination. According to the New York Times, Bradley believes the magazine will make money this year, in part because of the surge in digital revenues.
Meanwhile, National Journal, while still a staple of K street offices and libraries, seemed to be losing its edge, at least in revenue terms. Circulation, thought to be about 12,000, was stagnant. Its website lacked the immediacy expected by today's readers, and the impact of the print and digital model has been losing traction. Responding to these trends, Bradley and Justin Smith, president of Atlantic Media (who came to The Atlantic in 2007 from THE WEEK, where he was the universally admired founding U.S. publisher) decided to give National Journal a major overhaul. They intend to maintain its standing as a serious source of inside the Beltway information and analysis, but with a metabolism reflecting what readers now demand. Under the direction of Ron Fournier, who was recruited from the Associated Press, where he was Washington bureau chief, National Journal has hired an impressive cast of Washington journalists with established personas to supplement their resident specialists. There will be an enhanced free site, along with premium content available to subscribers. The objective is to upgrade National Journal's visibility while preserving its status and the hefty four-figure price it can charge for subscriptions and advertising because of its valued audience.
In Hollywood, a strikingly similar reinvention (appropriately glitzy as befits its location) is under way at the Hollywood Reporter. The new editor is Janice Min, who a decade ago took US, a slightly racier version of People, and turned it into the favored guilty pleasure of millions of mainly women in gyms who consumed it on elliptical trainers and stationery bicycles. According to the New York Times, under the business direction of Richard Beckman, who was a long-time publishing executive at Conde Nast, the Hollywood Reporter will reappear as a weekly glossy magazine and a daily PDF focused on what the entertainment business wants to know: who is doing what to whom, in a format that is breezy but packed with information. Instead of circulation in the mid-teens, I'm guessing the objective will be at least to double the readership in print and PDF. The daily will retail for $5.99 and an annual subscription, the New York Times reports, will be $249.