Bloomberg is putting Businessweek behind a paywall as Michael Bloomberg’s financial news and information company looks to shift the magazine’s main source of support from its advertisers to its readers.
The 88-year-old financial magazine expects to have fewer subscribers but charge them more. It is the latest publisher to seek an alternative revenue stream as it faces an erosion in print advertising and the digital ad duopoly of Google and Facebook.
The new strategy, unveiled on Thursday, is part of Bloomberg’s second big overhaul of Businessweek since the financial data group bought the magazine for $5m in 2009. In addition to a redesign of the weekly print edition, Businessweek is introducing an app that will feature a limited selection of news stories each day and a daily email newsletter.