5 Things You Didn't Know About Businessweek
- Businessweek had a humble beginning. When it was first published in New York in 1929, the magazine started with just 14 employees.
- Prior to its complete takeover by Bloomberg L.P. in 2009, Businessweek's employee count under prior owner McGraw-Hill peaked at 600.
- In the early days of the magazine's founding, Businessweek's closest major competitor was Forbes magazine. Today, they are still rivals.
- From the 1930s until 1961, Businessweek had a picture of a thermometer on its cover as an indicator of the state of the nation's economy.
- Until the 1970s, Businessweek was not sold at magazine newsstands; instead the title preferred to directly solicit subscriptions from companies.
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Businessweek, or as it was formerly known, BusinessWeek, is a business and financial industry print and online publication focusing on companies, markets and the global economy. It is one of the most respected weekly journals dealing with such topics worldwide.
Businessweek as a magazine was founded in 1929 and was a division of the McGraw-Hill publishing company. In 2009, it was sold to Bloomberg L.P., the business entity founded and chaired by Michael Bloomberg, the billionaire and former mayor of New York City.
From its founding, the magazine gained a reputation as one of the first journals to link the political atmosphere in Washington to national business affairs and to focus on political, labor, finance and management issues. The stock market crash of 1929 shortly after the magazine's founding had a sobering effect on its editorship, which contrasted the magazine's consistent, analytical focus on the economy as a whole with competitor Forbes, whose writing BusinessWeek considered "pompous" and "ponderous."
Other national magazines such as Newsweek copied the title's weekly publishing frequency.
In the 1950s, BusinessWeek began a regular survey on executive pay, which continues to this day. In 1969, the magazine began regular coverage of news in what is today known as information technology (IT), then called information processing.
Until the 1970s, the magazine targeted business managers as its primary audience but later started to add consumers outside of the world of business to its market.
Businessweek has ranked business schools in the United States annually since 1988 and since 2006 has ranked undergraduate business programs at universities nationwide.
From the mid-2000s until 2009, the magazine had been losing advertising revenues and subscribers and lost over one-third of its ad pages under former editor Stephen J. Adler, who had joined the magazine from The Wall Street Journal.
Bloomberg L.P. purchased the magazine from McGraw-Hill for between two and five million dollars plus the assumption of its liabilities. It changed the title's official name to Bloomberg Businessweek in 2010. Bloomberg brought in a new editor, Josh Tyrangiel, who had previously worked at Time magazine.
In 2011, Bloomberg L.P. expanded the magazine's international operations, which included European and Asian websites as well as Arabic editions for 22 countries. A Chinese version of the magazine was relaunched that year, as was an iPad digital edition of the magazine, which became the first such digital magazine to charge for its content on a subscription basis. The iPad edition, which has been published continuously since then, now has over 100,000 paid subscribers.
The magazine has won numerous awards, including Adweek's top business magazine award in 2011. The magazine has consistently sold more annual ad pages than any other title in the U.S. since 1975 likely due to its weekly publishing schedule.
In 2012, the National Magazine Awards awarded Businessweek its General Excellence award for a general interest magazine, and editor Josh Tyrangiel won Ad Age's Magazine Editor of the Year award. In 2014, the Society of American Business Editors and Writers awarded Businessweek its Best in Business award for general excellence in magazines.
This video shows the creative decisions and backstory behind one of Businessweek's recent covers. Businessweek editor Josh Tyrangiel and Creative Director Robert Vargas discuss concepts, previous iterations and the evolution of that issue's cover.
Businessweek Social Media Links
Twitter - Businessweek's official Twitter account features story headlines and links, story photography, charts and news items.
Facebook - Businessweek's Facebook page features story spotlights, links to articles, lifestyle highlights and reader feedback.
Google+ - Businessweek's official Google+ account features cover stories and links to videos.
YouTube - The Businessweek YouTube channel features a wealth of video clips. There are behind-the-scenes stories about cover features, articles and news stories where Businessweek editors discuss the decision making and creative battles that went into features and articles. In addition, there are multiple clips that relate to past stories about advertising, finance and education. For instance, there are clips that focus on MBA education and how business school experience or the lack thereof has benefitted famous executives, pundits and personalities. There are also clips of speakers from DO lectures in California and the Northside Festival in Brooklyn. Additionally, there are links to some of the most significant YouTube clips of all time as a discussion about the impact of the platform.
Instagram - Businessweek's Instagram features cover photos and story photography.
Tumblr - The official Tumblr page of Businessweek features story highlights, graphics and links to articles.
LinkedIn - Businessweek's LinkedIn page features excerpts and links to news stories.
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