FAS-FAX Preview: 'WSJ' Circ Flat, But That's Fine

By: Jennifer Saba Next Monday, The Wall Street Journal, now under Rupert Murdoch's News Corp., will report that its daily circulation based on a Monday through Friday average for the six months ending September 2008 will be flat. However, that is a lot to be positive about when the industry's overall numbers are broken out.

The paper grew its individually paid circulation, the most important metric, by 2.4% to 1,426,743 copies. At the same time, it chopped its other-paid circulation, which is considered less valuable by advertisers. The Journal reduced other paid by 16% this reporting period to 229,534. The category includes employee, hotel, Newspapers in Education, and third-party copies.

More good news for its subscription-based Web site: Subs at WSJ.com are up 7.4% to 1,063,000 compared to the same period a year ago. Additionally, visitors to WSJ.com advanced 137% year-over-year.

"The Journal franchise has made significant investments in its print and online properties over the past year while many news organizations are cutting back," Paul Bascobert, chief marketing officer at Dow Jones & Co., said in a statement. "Readers have cast their vote of approval in the extensive investment in the Journal franchise."

The Journal made most of the gains in individually paid circulation in the discounted category. Copies sold at more than 25% but less than 50% of the basic price rose by 81,440 compared to the September 2007 report. The Journal uses an introductory price of $99 that includes the print edition and access to WSJ.com. After a certain period, the subscription rate moves to full price.

The Journal would not discuss its churn rate.

Copies sold at more than 50% of the basic price declined by 47,442.

For the past several circulation reporting periods, the average daily decrease for dailies reporting to the Audit Bureau of Circulations has been in the 2% to 3% range, while Sunday circ has dropped in the 4% to 5% range. Small increases and decreases -- even fractions of a percentage -- are considered major circulation victories.