CRITIQUE: People Spent $1 Million on Nicole Richie Photo and That’s Saving Money!
Is People starting to feel the PRESSURE?
It’s been widely reported that People’s numbers on the newsstand slipped during the second half of 2007.
Larry Hackett just spent another mil on a cover shot following last week’s Christina Aguilera debacle, where People’s newsstand sales were reported as disappointing. And to top it off, he won’t stop there: People is about to spend up to six million for J. Lo’s first twin baby photos!
There’s obviously a lot at stake here. If People doesn’t get the photos, who will? OK Magazine? US Weekly?
If those magazines get these types of pictures, they will go off and brag to advertisers that they are the new People Magazine. And we all know that People Magazine is the cash cow when it comes to ad dollars.
Plus, the other magazines will get a ton of publicity, which will lead to BIG newsstand sales.
But is this baby photo buying spree a wise thing for the long-term?
I believe People basically has no choice at this point. They’ve put themselves in the position where they are completely competing with the tabloid magazines and there’s no turning back! Their coverage of celebrities is no better or worse than the competitive set. Besides the Nicole Richie baby photo, the two insets are seen on the other celeb weeklies.
So what’s the difference between People and the rest of the category?
They have money.
For now.
