 Without disclosing the exact identity of the new investors, he indicates on his bulletin board that the new investors are ‘30-early 40ish highly qualified business and information technology people who love wines but also see a business opportunity in the offer.’ In an announcement to his 50,000 subscribers on Sunday, Parker revealed that significant structural changes were going to take place at the Wine Advocate including phasing out of the print version and keeping only a printable version of the newsletter in the pdf format; a kindle version is already in the offing.
What is surprising is that the new model would include the new investors going out to collect ads from non-wine corporates, especially the luxury segment to add to the revenue. The bi-monthly Newsletter has survived all these years only on the subscription by over 50,000 loyal fans of Parker who pay $75 for 6 issues
Parker has relinquished a substantial stake of the project after getting an offer he states he couldn’t refuse. Parker will continue to retain the title of Chairman, and will continue to review his core specialty and personal favourites - Bordeaux and Rhone wines.
In the announcement that surprised the wine world on Sunday, he said that the new investors will plan to release an abridged Asian edition of The Wine Advocate aimed at corporate clients such as luxury hotels and airlines, while a new Singapore office is to be opened, reportedly as the headquarters for the Wine Advocate with Perrotti-Brown MW as the editor-in-chief.
Lisa also plans to appoint a Singapore-based Asian correspondent in line with the increased interest of the publication in Asian wine. Wines produced in China, Thailand and other Asian countries would be covered. This would also imply more wine tasting events in China and Thailand; a shift from the hitherto stance of independence.
However, Parker strongly denies he is approaching retirement. “I am still in this profession for the long-term as I remain the CEO and chairman of the TWA board, and an owner,” Parker said. His 100-point system can make or break any winemaker. Industry insiders feel that the move would reduce Parker’s hold on wines and the era of powerful wines he advocated might gradually come to an end as the diversified styles would get a wider attention.
Source: Media Reports |