There are few surprises on this year’s most valuable brands list (see p. 13) as five of the top companies have long been the kings of capitalism. They have perfected the art of strategizing to attract and hold on to customers.
Over its 102 years of publishing, Forbes has adopted the attitude that “success stems from reinvention during periods of strength, rather than during distress.” The same month as our inaugural issue hit the stands in Monaco last October, Simmons Research released its first News Media Trust Index, ranking 38 of the largest well-known U.S. news sources. Forbes, trusted by 54.2% of Americans, rounded out the top five of all news sources and was number one of any magazine or news operation focused primarily on free online journalism.
According to MRI, more than 6 million people read Forbes in print plus, says comScore, Forbes.com counts 70 million online readers. Profits last year shot up 42% (digital advertising made up 49%), the highest in a decade for Forbes. With such a formidable track record, why reinvent the wheel with a new modernized design?
“In terms of reach, Forbes sits at historic highs,” says Forbes Chief Content Officer Randall Lane. “The perfect time, in other words, to look at ourselves and the world around us, and ask what’s next?”
That’s exactly the question Société des Bains de Mer (SBM) asked about the Monte Carlo Casino, one of the world’s three most recognized casinos, which it owns and operates. SBM has no problem retaining its high rollers but the group decided to appeal to “fun players” in the Salle Europe by adding a lounge bar with live music and installing games, likes craps and brand new James Bond machines. The Salle Renaissance is now free to enter and this is the third summer SBM is creating the “nomad” casino (look for it at Jimmy’z).
Seems their reinvention of the casino is paying off. For 2018/2019, the games sector jumped 11% to €222.7 million, thanks to an increase in table gaming rev- enue (€108.4 million compared to €87.2 million the previous financial year). In fact, SBM’s consolidated net profit has increased €17.2 million, from a loss of €14.6 million (2017/2018) to +€2.6 million, partly due to results from all sectors (gaming, hotel, rental) and from online gaming Betclic Everest Group, of which SBM has a 50% stake, who had a net profit of €12.3 million.
As for Forbes Monaco, we embrace the modernized look of Forbes U.S. and couldn’t have chosen a finer example of a Monaco resident and entrepreneur than Ornella Barra to debut the new cover. In less than nine months we have become the top selling English-language magazine in the Principality and our insider perspective continues to build a distinguished list of UHNWI subscribers. In the words of Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, the magazine in this part of the world "was long overdue".