IPC's long-awaited women's weekly Look hits the shelves next month, giving fast-fashion-loving 20-somethings yet another style bible to follow. Armed with an £18m communications budget, the launch will increase the pressure on an already crowded market where the battle for shelf space and ad revenue is fierce.
IPC has ambitious plans and deep pockets, but as recent launches including Emap's First and H Bauer's In The Know have failed to reach circulation targets, it is questionable whether the market is big enough for another title.
Look is aiming for a circulation of 250,000 in its first year and industry sources believe its cover price will be kept low. Comparisons with Emap's Grazia - which posted a circulation of 175,218 - are inevitable, despite the latter's older readership and high-end fashion spreads; Grazia's average reader is 34, according to NRS, while Look is aiming for a median age of 24.
Julie Lavington, publishing director of Look, says the title will focus on comprehensive coverage of high-street fashion, as well as celebrity news and style. Notably, Lavington says it will take a positive approach to celebrities, in a marked departure from the approach typified by Emap's Heat of featuring stars looking too fat, too skinny or terrible without their make-up.
Early responses to the proposition have been upbeat. Rob Elms, group head of press at Starcom Mediavest, says a launch of Look's scale has brought a lot of excitement to the market. 'We want media owners to innovate, as it gives us something fresh to go to our clients with,' he says. 'There is a clear appetite for women's weeklies.'
The popularity of these titles means there are now significantly more ad pages in the market compared with three years ago. However, there is also a huge variety in the readership targets for these titles, as traditional women's weeklies such as Woman do not aim at fashion-savvy Grazia readers.
Ian Crick, head of press at media consultancy Billetts, says the volume of advertising per title also varies significantly; OK! has the highest revenue, while the more downmarket real-life weeklies make a lot less. Crick estimates Look could take £3.7m to £7.5m of ad revenue in its first year.
Dominic Williams, press director at Carat, says that with marketing budgets down year on year, existing titles are having to fight harder to attract advertisers. 'Seven years ago I had Hello! and OK! to choose from; now I have so many options, which makes the market much more competitive.'
IPC has an enviable distribution arm, and Look being stocked alongside celebrity weeklies will put pressure on poor performers such as First.
According to Williams, much of the revenue given to launches cannibalises the existing market. Moreover, agencies say the weeklies take revenue not only from their competitors and monthlies, but also from daytime TV. Jane Wolfson, head of press at Initiative, adds that newspaper supplements have been the biggest losers from the growth of women's weeklies: 'The weekend supplements have lost out, partly because fashion and beauty advertisers are concerned more with editorial environment.'
Although media agencies say they judge each title on its individual merit, the clout of being a big publisher is clear. Alongside Emap, IPC has a history of guaranteeing circulations to agencies. While Emap's First has failed to hit its targets, the agencies that invested in it expect a rebate on their investments, which takes the risk out of the decision to support the title.
However, agencies do not invest in magazines they don't believe in and being a respected publisher does not guarantee success. Paul Thomas, managing partner at MindShare, says it is crucial to get the right buzz around a launch and have a clear brand positioning.
Grazia, for instance, has been a success, but not the mass-market vehicle many advertisers had hoped it would be, leaving them frustrated. 'Grazia wasn't what it said it would be when it launched; it's a great title and it looks beautiful, but it is never going to be a mass-market title,' says Thomas.
Where IPC positions Look in terms of ad rates will also be key. It is a tricky balancing act; if it is priced too high, agencies may choose not to advertise in it - but if the initial cost is too low, it is very difficult to increase rates later on.
Despite the competition, if Look hits its circulation targets, it could provide not only a good read but also a fresh mass-market platform for advertisers. Natalie Allsop, press director at Zenith-Optimedia, says there is a clear demand. 'There is definitely a market for glossy weeklies - monthlies still do an important job but consumers want fashion news immediately.'
The immediacy of women's weeklies have bought more advertisers to the sector - notably retailers that can use them to promote sales and short-term offers. The power of print for fashion retailers is also well-proven - last week, a £40 Topshop dress worn by princess-in-waiting Kate Middleton and widely featured in paparazzi shots sold out in hours.
If Look can attract these dedicated followers of fashion, advertisers will surely follow suit.
DATA FILE - WOMEN'S WEEKLIES' AD REVENUE, 2006
Publication Average weekly Average weekly
spend (pounds) page equivalents
1 OK! 1,285,755 63
2 Heat 884,271 39
3 Closer 522,803 38
4 Now 516,870 27
5 Grazia 508,474 37
6 Take a Break 458,417 18
7 Woman's Own 431,336 15
8 Woman 354,572 15
9 Best 320,577 16
10 Bella 293,217 14
11 New! 266,733 17
12 Chat 224,588 17
13 That's Life! 117,520 11
14 Pick Me Up 111,907 11
Source: Thomson Intermedia There is usually about a 60% discount from
ratecard figures to actual spend, which varies between titles