Bankrolled by Wall Street, read by the seriously rich

IN 1983 the Wall Street Journal took its product directly to Europe. A decade later the Brussels-based Wall Street Journal Europe, circulation 57,000, believes it has taken root on this side of the Atlantic.

Philip Revzin, the editor, says: 'Our approach for about the last year and a half has been to increasingly Europeanise the content.' On a typical day, at least two of the three main front-page stories will be European. The third might be an American story given a stronger European angle. There will inevitably be a strong American element to the European paper, Mr Revzin says, but on any given day 'probably more than 50 per cent of the content is European'.

He has 10 reporters and a dozen editors, plus another dozen or so stringers. Technological advances have enabled the paper to share a collective pool of news articles and a combined 'copy desk' of sub-editors in New York with the US paper and the Asian Wall Street Journal.

The European staff are a mixture of Journal veterans, particularly in the editing jobs, and local recruits. Mr Revzin says: 'The new hires I have been making recently tend to be either Americans or Europeans who have lived here a long time. It's rare that we will take somebody from Chicago and say, 'OK, come to Europe. You don't speak any languages, but we'll teach you.' '

The paper has adopted and adapted regular features of the US Journal, including columns on advertising, technology, law and small business. It has originated a column on privatisation in Russia and Eastern Europe that is available to the US Journal. When the paper began in 1983, daily circulation was around 20,000. Now it is growing by 6 per cent a year, Mr Revzin says. The largest sales are in Germany and the UK, with more than 10,000 each. Advertising revenue went up by 7 per cent last year.

Mr Revzin is unable to provide profit figures, explaining that the parent, Dow Jones & Company, does not break them down. On the accounting standard used by the company, he says, the European Journal loses money, but he argues that this does not give a true picture. An advertisement in the US Journal that originates in Europe is counted towards the profit of the US Journal, even if it was sold by the European staff. If money spent in Europe is set against revenue earned there, Mr Revzin says, 'we're vastly profitable'.

The European paper has benefited from the kudos of its American parent, and its restrained appearance seems to suit its readers in the European business community. In early years the buoyancy of the economy helped advertising, although the last three or four years have been tough.

Alastair Smellie, a media analyst for Lehman Brothers International in London, says that with an even greater European content and look, pushed by aggressive marketing, the Journal could reach a circulation of 50,000 in Britain. Non-readers perceive the European Journal's American content to be higher than it actually is, he says.

Mr Smellie believes that the complicated look of the Journal can discourage readers, and he is personally irritated at its practice of continuing stories from the front page to the depths of the newspaper. 'I don't think it's the easiest paper in the world to read,' he says.

The paper has formed a partnership with Handelsblatt, the German financial daily, that allows shared advertisements and gives the Journal a valuable route into the large German-speaking market.

The readership is three-quarters European, with a heavy proportion of senior executives, bankers and traders. The demographics, says Mr Revzin, 'are better than the American Wall Street Journal because we have a smaller circulation. The average income is well over dollars 150,000 a year.'

(Photograph omitted)

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Media

Recruitment Genius: Online Media Sales Trainee

£15000 - £30000 per annum: Recruitment Genius: Now our rapidly expanding and A...

Ashdown Group: Lead Web Developer (ASP.NET, C#) - City of London

£45000 - £50000 per annum + Excellent benefits: Ashdown Group: Lead Web Develo...

Recruitment Genius: External Relations Executive

£33000 per annum: Recruitment Genius: An External Relations Executive is requi...

Recruitment Genius: Senior Digital Project Manager

Negotiable: Recruitment Genius: This established Digital Agency based in East ...

Day In a Page

As in 1942, Germany must show restraint over Greece

As in 1942, Germany must show restraint over Greece

Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
Britain's widening poverty gap should be causing outrage at the start of the election campaign

The short stroll that should be our walk of shame

Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

Homeless Veterans appeal

The rise of the working poor: when having a job cannot prevent poverty
Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

Prince Charles the saviour of the nation?

A new book highlights concerns about how political he will be when he eventually becomes king
How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

How books can defeat Isis

Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
Judith Hackitt: The myths of elf 'n' safety

Judith Hackitt: The myths of elf 'n' safety

She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
The open loathing between Barack Obama and Benjamin Netanyahu just got worse

The open loathing between Obama and Netanyahu just got worse

The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
French chefs get 'le huff' as nation slips down global cuisine rankings

French chefs get 'le huff' as nation slips down global cuisine rankings

Fury at British best restaurants survey sees French magazine produce a rival list
Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

Young carers to make dance debut

What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

Design Council's 70th anniversary

Four of the most intriguing prototypes from Ones to Watch
Dame Harriet Walter: The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment

Dame Harriet Walter interview

The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment
Art should not be a slave to the ideas driving it

Art should not be a slave to the ideas driving it

Critics of Tom Stoppard's new play seem to agree that cerebral can never trump character, says DJ Taylor
Bill Granger recipes: Our chef's winter salads will make you feel energised through February

Bill Granger's winter salads

Salads aren't just a bit on the side, says our chef - their crunch, colour and natural goodness are perfect for a midwinter pick-me-up
England vs Wales: Cool head George Ford ready to put out dragon fire

George Ford: Cool head ready to put out dragon fire

No 10’s calmness under pressure will be key for England in Cardiff
Michael Calvin: Time for Old Firm to put aside bigotry and forge new links

Michael Calvin's Last Word

Time for Old Firm to put aside bigotry and forge new links