Enedina Vega, VP& Publisher, Meredith Hispanic Ventures, is a veteran in the Hispanic magazine media market. Recently she was one of the two Hispanic media executives in the Folio Magazine 100 list, together with Time Inc’s Luis Solis. We talked to Vega about her views on the evolving Hispanic magazine media sector and beyond.
Portada:Your Award was in the “Revenue Category”, what needs to be done to really grow revenues in the Hispanic magazine media category?
Enedina Vega, VP& Publisher, Meredith Hispanic Ventures: “Successful publishing companies have evolved from being magazine publishers to content creators and distributors across multiple platforms.”
You work in a company that is predominantly in the general market. What would you advise executives in a similar situation to do in order to “convince” their management of the “Hispanic market opportunity”? E.V.: “Share knowledge, data, research and be inclusive. These days company executives are well aware of demographic trends and the impact on their businesses. We are in a position to help define and map a total market approach.”
The continuing integration of media platforms as well as experiential in effectively reaching this consumer are major trends.
If you were to choose your Magazine Media star who would that person be? E.V.:“I always admired the former editor in chief of Essence Magazine, Susan Taylor. Susan had an intimate knowledge of her reader and was able to advocate for her and deliver a quality product. The brand had a clear value proposition from which everything else flowed.”
How do you see the Hispanic magazine media sector evolving, what are the main trends you see in 2015? E.V.“I see a few trends, the continuing integration of media platforms as well as experiential in effectively reaching this consumer. The growth of the bi-lingual sector which is spurring the increase in English media targeted to Latinos, and finally the increasing affluence of the sector will also impact content as we move forward.”
The U.S Magazine market will change substantially if the acquisition of Time Inc by Meredith Corporation is confirmed in the next few days. Many questions are open including whether the cultures of New York City’s (Time Inc) will clash with Des Monies, Iowa based Meredith. The new company would have average an average magazine circulation of about 55 million. By far the leader in the U.S. magazine market, followed by a distant Hearst Magazines with a circ of over 30 million. During Q4 2012 combined sales would have been US $1,216 million (US $967 million at Time Inc and US 4 249 million at Meredith)
Combining Time Inc and Meredith Hispanic Ventures would amount to half of the ad revenues of the Hispanic magazine market.
But how would the possible merger impact the Hispanic Magazine Market? We talked with Carlos Pelay, president of Media Economics Group, a Hispanic digital and print media advertising tracking service, in order to answer this question. Both Time Inc and Meredith are important players in the Hispanic market. People en español, which alone amounts to a third of the Hispanic magazine advertising volume, immediately would become the new company’s leading Hispanic title, followed by Meredith’s Ser Padres (parenting title) and Siempre Mujer. In fact, the ad revenues of Meredith Hispanic Ventures titles and Time Inc’s People en español together amount to half of the annual advertising revenues of the Hispanic magazine market.
Are People en español and the Meredith titles good or competitors when it comes to lure media buyers in different advertising categories. Carlos Pelay, president of Media Economics Group, tells Portada that, “they are competing in the same space, of course, although Siempre Mujer is more directly targeting female readers with a readership that is 75% female, compared to 50% for People en español.” Pelay adds that the top 3 categories for Meredith’s baby/parenting magazines are: Personal care – Baby/Children products, Department stores, and Food products.
For Siempre Mujer and People en espanol, Personal Care Products (cosmetics, hair care, oral care, etc.) is by far the leading advertising category accounting for 50% of each magazines’ total ad revenue in 2012. Food category is the second leading category for both magazines also (12.5% for Siempre Mujer and 5% for People en español).
Advertising Revenues of Meredith’s and Time Inc’s Hispanic titles