The Time Has Come: Luce Launches His First Magazine
The Time Has Come: Luce Launches His First Magazine
In 1922, Luce and Hadden both quit their jobs and decided to focus their energies full-time on developing plans for their own weekly news magazine. At first, it was to be called Facts, but they later decided on Time. Luce put together a prospectus, which outlined the magazine’s “prejudice against the rising cost of government; faith in the things which money cannot buy, a respect for the old, particularly in manners.” And, whereas other periodicals of the day claimed to portray news in an objective manner, Luce made sure to point out, “Time gives both sides, but clearly indicates which side it believes to have the stronger position.”
Luce and Hadden began selling stock in their publication-to-be. Their initial goal had been to raise $100,000, but after one year, 72 investors, and $86,000 raised, they decided to launch.
On March 3, 1923, the first issue of Time magazine was published. Its motto was “Curt, Clear and Complete.” The magazine had 22 departments of news spilled over 28 pages, and 18 staff members – 11 of them fellow Yale alumni. Luce appointed Hadden as the editor-in-chief, while he took on the business responsibilities. “When the Time came to decide who was editor, Brit Hadden just had to be it, so I took the business side,” recalled Luce. Each was given a weekly salary of $40.
That all changed in 1929, when Hadden died unexpectedly. Luce was forced to take on the additional responsibilities of his good friend. Despite the personal blow, Luce’s professional success continued to soar.
With the profit from Time, Luce began a series of new publications. Tide was a magazine for the advertising industry, which Luce sold in 1930. He then went on launch Fortune, which looked at business as “the greatest single denominator of interest among the active leading citizens of the USA.” The pages of Fortune looked luxurious, and at $1 per issue, had a high price tag to boot. Its stories concerning changing technologies and the corporate world were well-received.
In 1936, Luce launched Life, a picture magazine that would prove to be his most popular publication to date. Its purpose was “to see life; to see the world; to eyewitness great events; to watch the faces of the poor and the gestures of the proud.”
Luce followed up the success of Life with House & Home in 1952, and Sports Illustrated in 1954. Despite now knowing anything about what Luce called “the wonderful world of sport” outside of golf and swimming, the magazine proved a success. He also produced a radio show called The March of Time.
By the mid-1960s, Time Inc. was the largest and richest magazine publisher in the world, involved in everything from real estate to magazine exports to mail-order book publishing. Luce remained editor-in-chief of all his publications until 1964, when he retired and became the editorial chairman. At the time, his personal wealth was an estimated $100 million in Time Inc. stock, and his magazines had a 13 million worldwide distribution that was still going strong.
Luce died on September 8, 2005 of cardiac arrest, leaving most of his fortune behind to his charitable Henry Luce Foundation.
The Time Has Come Luce Launches His First Magazine
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Back in the U.S., Luce began working as a reporter for the Chicago Daily News. He later moved to Baltimore to join his old college friend Britton Hadden as a reporter for The Baltimore News. But at 23 years old, both Luce and Hadden were growing restless with their jobs. They began to dream of running their own magazine. Soon, they realized it could be more than just a dream.
In 1922, Luce and Hadden both quit their jobs and decided to focus their energies full-time on developing plans for their own weekly news magazine. At first, it was to be called Facts, but they later decided on Time. Luce put together a prospectus, which outlined the magazine’s “prejudice against the rising cost of government; faith in the things which money cannot buy, a respect for the old, particularly in manners.” And, whereas other periodicals of the day claimed to portray news in an objective manner, Luce made sure to point out, “Time gives both sides, but clearly indicates which side it believes to have the stronger position.”
Luce and Hadden began selling stock in their publication-to-be. Their initial goal had been to raise $100,000, but after one year, 72 investors, and $86,000 raised, they decided to launch.
On March 3, 1923, the first issue of Time magazine was published. Its motto was “Curt, Clear and Complete.” The magazine had 22 departments of news spilled over 28 pages, and 18 staff members – 11 of them fellow Yale alumni. Luce appointed Hadden as the editor-in-chief, while he took on the business responsibilities. “When the Time came to decide who was editor, Brit Hadden just had to be it, so I took the business side,” recalled Luce. Each was given a weekly salary of $40.
That all changed in 1929, when Hadden died unexpectedly. Luce was forced to take on the additional responsibilities of his good friend. Despite the personal blow, Luce’s professional success continued to soar.
With the profit from Time, Luce began a series of new publications. Tide was a magazine for the advertising industry, which Luce sold in 1930. He then went on launch Fortune, which looked at business as “the greatest single denominator of interest among the active leading citizens of the USA.” The pages of Fortune looked luxurious, and at $1 per issue, had a high price tag to boot. Its stories concerning changing technologies and the corporate world were well-received.
In 1936, Luce launched Life, a picture magazine that would prove to be his most popular publication to date. Its purpose was “to see life; to see the world; to eyewitness great events; to watch the faces of the poor and the gestures of the proud.”
Luce followed up the success of Life with House & Home in 1952, and Sports Illustrated in 1954. Despite now knowing anything about what Luce called “the wonderful world of sport” outside of golf and swimming, the magazine proved a success. He also produced a radio show called The March of Time.
By the mid-1960s, Time Inc. was the largest and richest magazine publisher in the world, involved in everything from real estate to magazine exports to mail-order book publishing. Luce remained editor-in-chief of all his publications until 1964, when he retired and became the editorial chairman. At the time, his personal wealth was an estimated $100 million in Time Inc. stock, and his magazines had a 13 million worldwide distribution that was still going strong.
Luce died on September 8, 2005 of cardiac arrest, leaving most of his fortune behind to his charitable Henry Luce Foundation.
The Time Has Come Luce Launches His First Magazine
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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