Expansion is in the air. The Guardian and Mail Online have been expanding into the US market for the past year, and the Huffington Post recently announced its expansion plans in the UK. Joining these publications, Forbes will soon launch a European edition of its magazine, reported the Guardian. The publication will be available bi-weekly in 11 countries. A European version of the site is already up and running.
Its first print run will be 20,000 English-version copies, which will be distributed to business executives. Copies will also be available on newsstands from around €5 to €7, with prices varying in different countries. 25 to 30 Europe-based contributors will be hired for the venture.
Forbes was among the first media companies to focus on digital media. As a result, the company's digital portion has been profitable since 2000. It currently boasts a 50:50 profit. With 20 million visitors a month, around 2 million are in Europe, according to Journalism.co.uk.
The decision to expand into the European market was made after a year-on-year increase of more than 20 percent, noted the Telegraph. Chairman and editor-in-chief Steve Forbes said there had been a great deal of interest from European advertisers on the publication. He said, "Even though everyone is focused on Ireland, Greece, Portugal and Spain, there is a recovery coming. And this is precisely the right time to move in. We want [Forbes Europe] to be entrepreneurial. This is the right time for a European magazine."
Forbes already has an Asian presence, Forbes Asia, which reaches 16 different countries. It also has licensee versions, which are just copies of the original magazines translated into local languages. Together, Forbes and Forbes Asia reach over 6 million readers.
Forbes thinks the key to the digital world lies in not merely reproducing the print version online. "You have to be able to write or create content for all sorts of platforms," he said. Current Forbes iPad applications are themed rather than an exact replica of the print version. The company isn't, however, against making a replica version in the future.
Forbes said, "It's not going to be one model fits all. It's going to be a lot of experimentation. What works for us may not work for others." Forbes currently relies on advertising and has no plans to put up a paywall at this time.