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WSJ.com, the interactive edition of the Wall Street Journal, is to

spend $25 million (£17.5m) on a major global revamp of its

web site, which will include a Europe-wide version, writes Steve

Barrett.

The online journal, noted for its subscription-only model, will be

relaunched early next year, with significant personalisation,

customisation and navigational upgrades.

Users can currently choose between a US, Asian or European interface to

gain access to WSJ.com. The revamped site will allow them to specify

much more closely what content they want from the online edition.

Gordon Crovitz, senior vice-president for electronic publishing at

WSJ.com's parent company Dow Jones, said: "This investment proves that

we are in this for the long haul. We are confident that WSJ.com will

become our third significant profitable business."

Crovitz added that the split of revenues from WSJ.com had changed from

60 per cent ads to 40 per cent subscriptions last year, to a 50:50 split

now.

In its third-quarter financial results to 30 September, WSJ. com posted

a three per cent increase in subscribers over the previous quarter -

from 591,000 to 609,000. A third of these are joint subscriptions, with

the rest being online-only.

Around 10 per cent of subscribers originate from outside the US, mainly

from Europe.

WSJ.com's current renewal rate stands at around 80 per cent, with

subscriptions to the online journal costing $59 (£41), or

$29 (£20) for existing print subscribers - but these are

set to increase.

"It's quite a bargain at the price it is at the moment," said

Crovitz.

"When we increased the price 18 months ago, from $49 (£29)

to $59, there was no significant increase in customer churn."

WSJ.com's revenues actually fell during the quarter, from $9.3m

(£6.4m) to $8.8m (£6m). Compared with the same period

in 2000, the online edition's revenues have fallen almost 31 per

cent.

The Times started charging for online access to its crosswords in August

and this week announced that in November it will start to ramp up its

paid-for services.