Reader's Digest Announces Transformation of Its Iconic Brand Into a Multi-Platform Leader and Launches Suite of Products Under New 'Reader's Digest Version' Banner;
Magazine Will Reallocate Resources, Adjust Rate Base and Frequency;
Peggy Northrop Named Global Editor-in-Chief to Oversee World's Largest Editorial Brand
NEW YORK, June 19 /PRNewswire/ -- To satisfy consumers' changed media appetite for easily digestible content, on demand and in flexible formats, Reader's Digest announced a transformation of its iconic brand into multiple media platforms, including a suite of products under the "Reader's Digest Version" banner. In addition, Peggy Northrop, the U.S. 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. The announcement was made today by Reader's Digest Community President Eva Dillon.
"Reader's Digest is a $1 billion-plus global brand," said Dillon, "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."
A full suite of products will be launched over the next year, many of them branded "Reader's Digest Version" to capitalize on the title's iconic heritage and unparalleled expertise in producing condensed, accessible, and useful information. "To people everywhere, the 'Reader's Digest Version' is a concept that means getting to the point," Dillon said. "We will now turn that concept into an explicit brand--'Reader's Digest Version'--delivering essential content the way in which consumers expect from Reader's Digest."
Demonstrating that interest and demand for the Reader's Digest brand already exists in new mediums, 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 U.S. 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, the largest paid circulation magazine in the world.
"Over the past year, we have focused our resources on modernizing the flagship magazine, resulting in positive feedback from readers and advertisers around the world and our first-ever ASME Award for General Excellence, the highest honor that can be earned from the magazine industry," Dillon said. "Now we will extend our brand with multiple print and digital platforms that will deliver a broad range of content in the medium that best suits our customers' needs."
Peggy Northrop recently accepted the National Magazine Award for General Excellence after guiding the magazine through a major redesign and modernization. Ms. Northrop will be responsible for editorial for all 50 editions, which are printed in 21 languages and sold in more than 60 countries.
Reader's Digest Association is a global multibrand media and marketing company that educates, entertains, and connects audiences around the world. The company builds multiplatform communities based on branded content. With offices in 44 countries, it markets books, magazines, and music, video, and educational products reaching a customer base of 130 million and sold in 78 countries. It publishes 94 magazines, including 50 editions of Reader's Digest, the world's largest-circulation magazine, operates 65 branded websites generating 22 million unique visitors per month, and sells approximately 40 million books, music, and video products across the world every year. Its global headquarters are in Pleasantville, New York.
