Don Silver, COO of Boardroom Communications, was recently quoted in a Miami Herald article providing insight to the growing luxury magazine industry in South Florida. According to the article about 77 magazines across Florida have folded since 2008, however South Florida magazines have found their savior— affluent readers. Luxury lifestyle magazines have elicited a variety of techniques and media platforms. For example, Latin Trade Magazine holds the Bravo Business Awards, an event that hones in on its target audience. Cravings South Florida, a chic women’s magazine that launched in 2009, has created a radio show on 790 AM. Cravings has also added a wedding section to its publication and has created a preferred customer card, named “Cravings Card,” to get its name out to readers. Ocean Drive and Miami Magazine have already invested in apps for the iPad and the iPhone— despite the hefty 25,000 to 100,000 price tag. And just this March, Plum TV launched its luxury magazine titled, Plum Miami.
Having worked with many luxury lifestyle magazines, Mr. Silver shed light on the ongoing changes with lifestyle publications, emphasizing the transition of relying on luxury real estate to displaying South Florida’s thriving culture of art, fashion, food and entertainment. “In the days of luxury condo parties, that was a whole industry for these luxury publications,” said Silver. “That crashed and burned and fell off a cliff.”
The template that has lead these luxury magazines to stay afloat despite the economic woes facing the industry today is targeting the wealthy, and do so by engaging readers across various platforms.