In a new deal with Tribune's Hoy, The Wall Street Journal has expanded the circulation of its branded pages in Spanish-language newspapers. New York (circ. 94,000), Chicago (circ. 18,000) and the soon-to be-launched Los Angeles editions of Hoy will each carry an eight page weekly TWSJ tabloid pull-out section. “The section will be branded The Wall Street Journal, but will also carry the partner's logo,” William E. Casey Jr., vice president/special editions of TWSJ, told Portadatm. The insert will premiere this month, mostly in Friday and Saturday editions.
TWSJ first entered the Hispanic market in late 2002 with a two-page Wall Street Journal Special Editions insert published Fridays in the Washington Hispanic, a Spanish language weekly with a circulation of 28,000 serving the D.C. metropolitan area. “The goal now is to reach a larger audience,” Casey said. Including the weekly inserts in Hoy Spanish-language dailies, Hispanic circulation grows to approximately 300,000. “We plan to add new partners to the Journal's Spanish-language advertising network in the weeks ahead.” Casey expects the inserts to reach a circulation of 500,000 within the year through partnerships with Spanish-language dailies in regions with large Hispanic populations like Florida and Texas.
So far, credit card and mutual fund companies have shown the most interest in the inserts, but Casey sees national technology brands and automotive advertisers as good prospects as well. “Some brands are interested in buying advertising in both the Latin American and the U.S. Hispanic markets,” he noted.
Eduardo Gutierrez, a print media buyer at The San Jose Group in Chicago, sees the new insert as a good vehicle for financial advertisers. He added that luxury brands, including cars and high-end-watches, might also be interested. Other print media buyers see the new insert as a good way to reach a more educated, higher-income Spanish-speaking audience. The Hispanic consumer is already an important part of the expansion plans of large financial institutions like Wachovia, General Electric, MasterCard and Axa. This trend should be reflected in larger print media budgets in the near future. According to research by TNS Media Intelligence/CMR, “Banking and Investment Services” was the second biggest advertising category ranked by spending among Spanish-language newspapers in the January-November 2003 period with US $13,600,000 spent. The insurance category was eighth with spending of US $5,800,000.
The jury is still out as to whether Hispanics want their financial and business news served in Spanish. Don't higher income Hispanics read business newspapers in English? Not according to Gutierrez from The San Jose Group. “Research shows that foreign born Spanish-speakers prefer to read in their own language. There are a growing number of Latin American professionals in the U.S. who fit into this category. This target group warrants some advertising.”
There are still very few business papers and magazines geared toward Hispanics (see “Publishers offer various ways of reporting about “el sueño americano,” page 12, Portadatm, No. 5 September/October 2003). Hispanic>Business (circ. 230,000, 10 times/year, English), with close to US $8 million in sales last year, is the only relatively large Hispanic business mag. Media buyers in charge of national accounts like the U.S. edition of PODER magazine (circ. 40,000), but have doubts as to whether it is really read outside of Miami.
The Tribune deal
Tribune will pay TWSJ publisher Dow Jones an editorial fee for carrying the insert. National advertising sales will be split between the two companies, although exact numbers would not be disclosed. Advertising sales will be handled by The Wall Street Journal Americas' New York ad-sales team, lead by Kerstin O'Reilly. “We will hire a director of U.S. Hispanic product sales who will report to Kerstin,” Casey said. “The individual newspapers will also be able to sell local advertising, depending on how much space is available.”