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[end of side two of tape one; beginning of side one, tape two]
Today is the 27th of January, 1986. We're in New York City.
This is Jessica Holland with Andrew Heiskell. Go ahead.
Bernie Aiser [?] dreamt up an idea of trying to put out
four special interest magazines, with maybe circulations of 200,000
to 250,000, but with a joint administration, joint promotion, joint
circulation staffs, so as to get the advantage of volume, namely,
you'd have a million circulation, but have only one--mainly one
staff. You'd have separate editorial staffs. Three or four
magazines: Money, Wealth[?], something to do with movies, and one
other. And we tested all those, and the only one that tested at all
well was Money, as I remember. Yes.
And so, after a couple of years, we started Money--falteringly.
We put together all the mistakes we've learned about in thirty years,
and applied them all to the launch of Money. [laughter]
[laughs] Give some examples.
Well, the letters that went to potential subscribers
described the magazine, which, in fact, the subscribers weren't even
going to receive, because the magazine was going to be completely
different from the promotion pieces. I don't know. It was
incredible. It was a miserable launch. This was the only end result
of a couple of years experimentation.
I was rather depressed by this, because we were trying to boost
our own morale, and prove magazines, you know, did have a future.
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