The Daily Telegraph and The Mail on Sunday are going head to head, launching two standalone magazines in the personal finance market, Your Money and Money. The Daily Telegraph has joined forces with Haymarket Publishing to create Your Money and it hit news-stands for the first time last week.
The editorial is written by journalists on the Telegraph while the design, production and distribution are handled by Haymarket.
Ian Cowie, editor of the Telegraph’s Your Money section, is editor and the production will be overseen by Haymarket group editor Mark Payton. The first issue has a print run of 80,000 and the magazine will be published six times a year.
Your Money publisher Sian Rees said the initial plan to produce a trial issue to test the market had been abandoned after positive feedback about revenue from advertisers. "We were so happy with the progress and with the response from an advertising sales point of view that we decided to go ahead with the launch," she said.
Rees said the magazine would have wider appeal above and beyond regular readers of the Telegraph’s Your Money section and that it had also been recognised for its "plain English", approachable style.
Haymarket is hoping the venture will pave the way for further opportunities with the newspaper group. "We are delighted with the progress and we hope it will be the start of a long-term and fruitful relationship which will develop into other magazine projects in the future," Rees added.
Its rival magazine, Money, is edited by Claire Oldfield, former Sunday Times small business editor and City correspondent on the MoS’s financial pages, Financial Mail on Sunday. Published monthly with a print run of 200,000 and a cover price of £2.50, it will undercut Your Money’s cover price by £1.
Oldfield said Money would have a strong lifestyle bias featuring articles on travel and how to enjoy your money as well as saving, spending and investing. She said there would also be an emphasis on big interviews with personalities such as Kirsty Wark in the first issue.
Despite the obvious overlap, Rees insisted the magazines were targeting slightly different readers, reflected by the different audiences of The Daily Telegraph and The Mail on Sunday. Oldfield also said she wasn’t worried about the competition. "There is room for a lot of players," she added.
By Ruth Addicott