When people ask me for someone smart who’s doing innovative and successful things in magazines, I scan the known world and always end up at the same place: Justin Smith, who just announced that he is leaving Atlantic Media to become CEO of Bloomberg’s media group.
I’ve known Justin since he launched The Week in the U.S. and I’ve admired his work nonstop. He is rather unsung so it’s worth recounting some of his successes thus far:
* At The Week, he launched a *weekly* magazine with a *total* staff of 24 — which is fewer than the old butler staff at Time. The concept for The Week came from the U.K. It was the original news curator, taking advantage of the oversupply of news we still have. That wasn’t his. But his method for launching the magazine was new: He created an ad scarcity with limited pages to sell. He refused to waste a fortune on fees and returned copies on newsstands, selling it only in some bookstores. He launched essentially a subscription-only magazine and he let that grow organically, by demand, rather than bribing people to subscribe with costly sneakerphones. He thus didn’t spend a fortune on marketing.
* At Atlantic, Justin took a dying brand and rather than milking it and devaluing it with cheap stunts as others are, he increased its value by turning it into an online brand that happened to have a magazine (how cool). He understood that what appeared under the brand online would have little to do with the magazine and so he invested in new content. That included investing in writers as brands, for he recognized the attention and audience they could bring — thus Andrew Sullivan’s sojourn there on his Paul Theroux-like train tour of the internet.
* He had the guts to create new brands, starting with Quartz, relying on his experience starting a blog company outside of his job. He had the vision to invest in smart editorial talent and the patience to let them build.
* Like a few other publishers — Condé Nast included — he saw that he had to take on the role of an advertising agency, no longer just selling space on a page, print or digital, but offering creative and marketing services to advertisers. Yes, there was that stumble with Scientology, an important object lesson and warning for everyone dancing with the devil in mixing selling and informing under one brand. But all in all, his real lesson to the industry is to change the relationship of media to marketer. You can see him talking about this in a discussion he, John Paton, and I had at CUNY sometime ago — the video is below.
* LATER: Oh, yeah, I forgot: He also made a strategy at both companies at using events wisely as a way to brand the publications as a convener of important conversations and as a way to bring in sponsorship revenue — a model other media properties are just beginning to mimic.
* AND ONE MORE THING: He made Atlantic Media profitable.
Bloomberg can use him. It is a powerhouse, the one journalistic organization that is hiring — often our CUNY students, I’m happy to report — like no one else. It has a pay wall that really works with its truly valuable terminals (that don’t offer commodity information; they sell speed). It rescued BusinessWeek to own a consumer brand. It started an opinion site. It dabbles in TV.
What Justin can bring, I think, is much more consumer attention to the company. There are lots of very smart opinion makers writing for Bloomberg but I don’t see them in the conversation. There’s a considerable investment in video but I don’t see it embedded or talked about enough. There is much good journalism but to reach consumers it could stand to have a voice. And with a stronger brand and much technological muscle, I’m confident that Justin can bring a torrent of new advertising attention and revenue to the company.
It is a brilliant hire. I’m glad to see him be able to show off his stuff on a more visible stage.