India Knowledge@Wharton writes:
With the relaxation of the country’s foreign direct investment (FDI) rules, publications as diverse as Newsweek, Fortune, Time Out, Men’s Health and Auto Car have set up Indian operations in recent months. The Conde Nast group has come in through a 100% privately held subsidiary, and will launch its flagship Vogue next year. On the newspaper front, there is now company for the International Herald Tribune, which had come in two years ago to launch an identical locally printed version of its international edition (called a “facsimile edition”). The Independent of the U.K. tied up with Dainik Jagran, a leading Hindi-language newspaper publisher. These are just some of the new arrivals.
Why this sudden interest in Indian print media?
First, in contrast to the West, where in recent years the print media have been left bloodied by declining circulation and staff layoffs, India is adding millions of readers. The National Readership Survey 2006, an annual review by an autonomous division of the Audit Bureau of Circulations, said the entire Indian press had added seven million new readers in the year leading up to June 2006. The number of readers of dailies and magazines grew from 212 million to 216 million in the three years leading up to June 2006. The survey did not cover the string of niche titles that are regularly launched and whose collective readership estimates are unlisted, but considered sizeable. “There is still significant scope for growth, as 359 million people who can read and understand any language do not read any publication,” the report stated.