Delphine Babin, a wealthy magazine publisher with a reputation for turning around magazines, has purchased Culture Contemporaine, an international magazine of contemporary art and culture, which has declining circulation. The magazine is published in Paris eight times a year (annual subscription of 120 euro) and appeals mainly to those involved in collecting contemporary art. The magazine features reviews of contemporary art exhibitions from an insider perspective, as well as book reviews, auction activities, and columns by today’s most forward-thinking writers, artists, and curators. The look and editorial coverage have already been transformed by the new owner to reflect the desired new market position of the magazine, which emphasizes art as an investment. 

A spokesperson for Delphine Babin stated: “Culture Contemporaine, along with other art magazines, has struggled to maintain circulation in recent times. We know that the readership of art magazines is declining generally, but we think we can buck the trend with our new format magazine. In fact, we believe the contemporary art investor segment has the potential to grow tremendously over the next few years, both in terms of magazine readership, as more people get into collecting art for investment purposes, and in terms of advertising, where we have the ability to deliver an audience to advertisers interested in reaching high net-worth readers. Culture Contemporaine is set to become a highly valuable and unique resource that provides the information and opinions that contemporary art investors need to successfully navigate the art market and make informed investment decisions.” The magazine is distributed through independent newsagents and select galleries in the UK, USA, Canada, France, Germany, Portugal, Italy, Belgium, Japan, Australia and New Zealand. 

Required:

Do you think Delphine Babin is wise to invest in Culture Contemporaine at a time when readership of arts magazines is declining? Explain your reasoning.

Advise Delphine Babin on the development of a marketing strategy for Culture Contemporaine.