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TEXT OF STORY
BILL RADKE: A glossy new magazine hits the newsstand today…
and it’s in Russian. One of Moscow’s richest men is behind the venture. But who exactly is his audience?
Marketplace’s Eve Troeh takes a look.
EVE TROEH: Russian billionaire Mikhail Prokhorov already sells his magazine in Moscow and London. It’s full of celebrity interviews and expensive brands.
It’s called “Snob.” In Russian…
LIZA TUCKER: Snob.
That’s Marketplace editor and Russian speaker Liza Tucker. Now, who’d want to read something called Snob? According to their website…
TUCKER SPEAKS IN RUSSIAN
TROEH: In English, please?
TUCKER: Demanding, educated and whip-smart readers, of course. They might buy all the same Mercedes and Prada everyone else does, but they think in Russian.
KEN DOCTOR: It is a niche within a niche.
Media analyst Ken Doctor says while the young Russian jet set is growing, magazine sales aren’t Snob’s goal. Publisher Mikhail Prokhorov bought the New Jersey Nets basketball team last year. And Doctor says Snob could help sell luxury boxes at NBA games.
DOCTOR: Is there a commonality between those who are going to be buying Dior and Armani and Chanel and going to Nets games? I don’t know.
If not, Prokhorov must be counting on Snob magazine to create that link.
I’m Eve Troeh for Marketplace.
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