ABP's 'Business World' up for sale...!

The English business magazines space is going through a tough phase with stagnant readership, rising production costs, falling advertising revenues and the growing onslaught of online & social media. Considered one of the three pillars in the Indian English business magazines along with Business India and Business Today, Business World has over the past three decades has had an excellent readers recall and given them numerous informative stories based on incisive analysis of happenings in the business scene.

However it seems that the tide is turning in the unfavourable direction. First the three magazines of the Outlook group – People, Geo and Marie Clarie shut operations citing unviability and now Business World of the Kolkata based AnandabazarPatrika (ABP) has been put up for sale. Sources in the know told Adgully that ABP has appointed an investment banker to find a buyer for the property. It expects the deal to be done by the year end, failing which there is a possibility of Business World being shut down. The current employee strength of the publication is around 50. Business world  had turned fortnightly from weekly early this year with the aim of stepping out of the news genre to focus entirely on analysis of issues, events and trends that impact business and economy.

The business magazine space in the country has been fighting fierce competition between Indian and international players. Adverse economic conditions have meant a cut in ad spends and lower revenues. Ad spends are also being diverted to alternative mediums like the digital platforms. Readers preference have undergone a channel, with business channels ready to feed analysis almost instantly who wants to wait for 15 days to read the magazine. Therefore it is also about the evolving preferences of readers. Besides increasing cost of newsprint and influx of social media are resulting in no interest in magazines. Adgully tried to get a response from ABP but could not get it.

The ABP Group has interests across newspapers including Telegraph, television news channels including ABP News and  many popular Bengali magazines. In the business space, the group also publishes the Indian edition of Fortune under an agreement with its global owners. It remains to be seen what happens next. The moot question is will the buyer find the space attractive enough to continue if ABP with all its expertise does not find t so?