How WSJ. Magazine Is Expanding Beyond Its Base

The average reader of WSJ. Magazine has a net worth north of $3 million, according to the publication.

That has its advantages: its pages are still filled with advertisements for luxury brands, even as the industry has cut back on marketing amid slumping sales. Aspirational shoppers might be splurging less, but that’s not true of the 4.3 million-strong audience for The Wall Street Journal overall, with over 933,000 subscribers for the glossy in particular.

It’s a perfect recipe for complacency at a time when luxury brands are laser-focused on appealing to wealthy consumers. But Sarah Ball, who took over as editor-in-chief of WSJ. in the summer of 2023, succeeding longtime editor Kristina O’Neill, said she wants to broaden the definition of who her reader is.

The magazine is profiling more Millennial and Gen-Z movers and shakers, like actress Sydney Sweeney, “Call Her Daddy” podcast host Alex Cooper and TikTokker extraordinaire Alix Earle. Though their names might be unfamiliar to the Journal’s longtime audience, Ball said their job is to contextualise them for those subscribers by showcasing “the business justification for their success” — while simultaneously bringing in new readers.

“We’re speaking to that C-suite executive who wants to know the latest in how to use influencer marketing,” she said. “But then we’re also trying to speak to young people who maybe don’t know The Wall Street Journal does cool profiles like this.”

Striking that balance has been at the core of Ball’s strategy for reshaping the publication over the past two years. Her goal is to publish a “really juicy, shareable story” every week that reflects its traditional readership’s interests — namely, wealth, from how to build it (and who is doing so) to how those who have it are using it — but packaged in a way that can also speak to a younger audience. Many stories are lighthearted and even fun, from a feature on pumpkin stylists for your stoop to a trend piece on the growing size of engagement ring stones.

“We tell stories about luxury and wealth that are aspirational, but we also tell stories about the dark side and the challenges,” she said, pointing to an article published at the end of August about entertainment mogul David Geffen’s divorce battle and the finances at stake, with input from his friends.

The magazine is also paying more attention to categories it historically hasn’t covered as much, but where it sees both a content and commercial opportunity. For example, Ball has ramped up coverage of the jewellery sector — currently a standout performer — because “readers are really interested in it.” That, in turn, makes the magazine more appealing to those advertisers, she added. Luxury beauty, too, has become more of a priority: The September cover starring Sydney Sweeney was the first time the magazine included beauty credits alongside a shoot.

It’s even reflected in the staffers she’s hired: Vogue veteran Willow Lindley, for example, joined as style director this past spring, but so did head of creative Matteo Mobilio, who previously worked at digital-first, streetwear-centric publication Highsnobiety.

That balance was on display at Wednesday night’s Innovator Awards, the magazine’s tentpole event, now in its 15th year. Honouring standout players in a variety of sectors — beauty, film, fashion, philanthropy — this year’s batch runs the gamut from Gen-Z favourites like Hailey Bieber and Billie Eilish to names perhaps better known to the Journal’s core readership, including George Lucas, Hèrmes designer Nadège Vanhée and Spike Lee.

Held at the Museum of Modern Art in New York, this year’s awards ceremony was draped in purple, with autumnal florals positioned throughout. The magazine hosted a list of notable names, including supermodels Karlie Kloss and Karen Elson; Saint Laurent creative director Anthony Vacarello, “Severance” stars Adam Scott and Britt Lower; honoree Priscilla Chan Zuckerberg and her husband, Meta CEO Mark Zuckerberg; designer Tory Burch and Instagram head of fashion partnerships Eva Chen. It was a mix of fashion industry insider mingling and unexpected moments — winners, for example, were surprised with Labubu lookalikes of their covers, designed by a Broadway costume designer.

“I just wanted to bring a little bit more sense of play, even though it is a more formal evening,” she said.

That balance of whimsy and tradition is at the heart of her strategy for the magazine, which so far, is resonating: Subscription sales driven by the magazine’s stories have grown fourfold since Ball took over, and the publication has exceeded its revenue targets two years in a row.

And while aligning with stars like Eilish and Bieber, as well as popping up at buzzy events like the US Open, helps them appeal to younger readers, the attraction, she noted, goes both ways. Young stars are equally as excited to be featured in WSJ. because it lends them a sense of gravitas and legitimacy.

“People crave being taken seriously, and we are very happy to take people seriously,” she said.