Time Inc.'s Money will introduce in September Money.com Plus, the second pay product to emerge from the Time Inc. New Media umbrella that will supplement the magazine's free Web site (www.money.com).
Money's decision to offer a subscription-only premium service isn't surprising given the already crowded arena for fee-based financial news and online services. In fact, Money.com Plus will charge subscribers rates that conspicuously match those of Dow Jones & Co.'s year-old Wall Street Journal Interactive Edition: a flat $49.95 annual rate, discounted to $29.95 for print subscribers. So far, Wall Street Journal Interactive has signed up more than 100,000 paying customers.
TAKING ON THE STREET.COM
Plus also will likely compete with brands like The Street.com, a higher-priced finance brand that charges $12.95 per month and is funded by New Republic Chairman Martin Peretz and outspoken hedge fund manager and journalist James J. Cramer, who serves with Mr. Peretz as the site's co-chairman. Since launching in November, The Street.com has gained 4,200 paying subscribers.
Money.com Plus also is using some innovative distribution tactics, employing what Brett Zickerman, business development director at Time Inc. New Media, referred to as"bulk sales" of Money.com Plus.(contd.in part 2)