Following its parent company's lead, will Condé Nast India take the paywall route?

When Sandeep Lodha took over as managing director (MD) of Condé Nast India 15 months ago, he was quick to admit that he was an outsider to the media industry. "I’m a tech entrepreneur," he announced, underscoring his unconventional background.

He had launched wedding banquet management platform Weddingz.com in 2015, sold it to OYO three years later, and turned around the loss-making audio streaming service Gaana before it was acquired by Entertainment Network India Limited (ENIL). Though unfamiliar with the media business, Lodha came equipped with what he knew best—running successful business operations.

Condé Nast India, known for its iconic brands Vogue, GQ, Architectural Digest, and Condé Nast Traveller, underwent a leadership transition in the past couple of years. After 17 years as MD, Alex Kuruvilla stepped down in February 2023, becoming non-executive chairman later that year.

In the interim, several key figures, including Vogue India's head of editorial content, Megha Kapoor, also left. Lodha stepped into this vacuum, taking the reins of a company, which currently has around 500 employees across Mumbai, Delhi, Bangalore, and a global capability center in Chennai.

For Lodha, the challenge was clear: steady the organisation and steer it toward growth. "I had to come in, stabilise things and build a tech, accountability, and entrepreneurship-driven culture quickly," he reminisced to Campaign in an exclusive interview, describing his first steps in the role.

He quickly immersed himself in understanding the business model behind each of the titles under Condé Nast India’s umbrella. From the commercial conversations with clients to the production of both print and digital content, Lodha set out to get a firm grip on the mechanics of the media industry.

Learning the ropes

Lodha’s experience with Gaana, where he negotiated with music labels for content at competitive rates, was distant from the media world. Condé Nast’s model is built on creating exclusive content that defines cultural moments through its magazines and digital platforms.

Despite his apprehensions, he took the challenge head-on, engaging with the editorial and sales teams to understand consumer expectations and client needs. “Give it 15 to 18 months…we still view you as an outsider,” one of his editors advised him. Lodha accepted this suggestion but made it his mission to earn respect by proving his ability to add value.

"I wanted the team to respect me for what I could do, not just for the position I held," he said. He accompanied the sales teams on client visits, initially lacking industry jargon but leveraging his knack for building relationships. He would also hold regular townhalls for employees to share how the business was performing and reassure them that things were on the upswing; an approach that helped him earn both the trust of his team and the appreciation of clients.

While this enthusiasm to make the media company’s brands commercially robust was appreciated by employees, some were unhappy with this ‘let’s talk business’ approach, especially since content was the lynchpin on which the company pivoted. Talking on conditions of anonymity, a Mumbai-based former employee told Campaign that Lodha seemed to be “more focused on marketing and events in his approach.”

A townhall last year at Condé Nast India's Mumbai office. Source: Instagram.

When Lodha implemented the global mandate of insisting that employees work in the office at least three days a week; the move annoyed a few people, who felt it was draconian in an evolving media landscape. However, soon, they saw the merits of this working pattern and most subscribed to it.

This, again, was part of Lodha's learning curve in the world of media. It also displayed his agility to roll with the punches and pivot when needed to ensure that his team's interests and peace of mind was at the front and center of all plans. 

Navigating print’s evolution

Lodha joined Condé Nast at a time when the future of print media was being widely debated. Rising paper costs, dwindling advertising revenues, and a growing focus on digital content all threatened the traditional print model.

However, against global trends, Condé Nast India experienced a 30% year-on-year increase in print subscriptions. There were even months when the company boosted its print supply to ensure magazines were available at newsstands, a move that also allowed for price hikes.

“Everyone talks about print being in decline globally, but that’s not the case with us,” Lodha said. Vogue remains the company’s largest revenue-generating title, followed by Architectural Digest, GQ, and Condé Nast Traveller. With digital and events also contributing significantly, Condé Nast India’s overall business has been growing at over 20% annually.

Lodha attributes much of the subscription growth to heightened consumer awareness initiatives undertaken by the company. He pointed to his own residential society, where residents had trouble accessing a Vogue subscription because they didn’t know how.

This gap in marketing led him to introduce a full-fledged marketing team that now monitors daily subscriptions and renewals. "No one was tracking this earlier," Lodha said, adding that the company now takes immediate action if subscription systems go offline.

Embracing digital transformation and events

While print remains an integral part of Condé Nast India’s offering, Lodha is steering the company toward a digital-first strategy. In 2019, Condé Nast introduced a paywall in the US for titles such as Vogue, GQ, and Glamour. Lodha sees potential in bringing the same model to India, envisioning launching the paywall for one title first and gradually expanding based on the results.

The final decision on this move will hinge on two things—Lodha’s inclination and the global team’s prioritisation. “Both have to come together,” he explained, because moving behind the content behind the paywall means integrating local payment systems and adhering to local laws and regulations. Whenever this comes to pass, Lodha would like to start the paywall initiative with one title and based on how things turn out, expand it to the others.

Lodha is also keen on diversifying the company’s portfolio. Condé Nast India currently operates with four key brands, but discussions are underway to bring another international title to the Indian market. "I’m pushing for an earlier launch date," Lodha told Campaign, hinting at the ongoing conversations with Condé Nast’s New York headquarters.

Events have played a key role in Condé Nast India’s growth strategy. The company pioneered its events business with the Vogue Beauty Awards in 2010 and followed it up with other major IPs like GQ Men of the Year and the AD Design Show. These events have become critical touchpoints for clients and consumers alike, with a heavy focus on experiential marketing.

However, Lodha recognises the need for innovation in an industry where events can quickly become predictable. In response, the company has introduced smaller, more niche events like AD Discoveries, which provides a platform for upcoming Indian artists and designers. "We are constantly innovating depending on what we hear from consumers and sponsors," Lodha said, stressing the importance of balancing consumer interest with sponsor engagement.

The future: Data and commerce integration

Digital content is a significant growth area for Condé Nast India, which has adapted to changing consumer trends by pushing more video content across its platforms. Its print publications attract older, affluent readers, while Gen Z and millennial audiences consume its digital content through social media and websites.

To optimise this engagement, Condé Nast India uses the company’s first-party performance platform, Spire, which integrates contextual data with advertisers’ needs to drive efficient campaigns. "We’re able to curate content for clients and direct traffic to them, which is an important part of our digital business," Lodha said.

Commerce, too, is becoming an essential part of Condé Nast’s revenue model. Its events, from the AD Design Show to the GQ Men of the Year awards, create additional revenue streams through product placements and collaborations. These initiatives align with Lodha’s long-term vision of turning Condé Nast India into a multi-brand, multi-revenue-stream company that adapts swiftly to consumer trends and client needs.

 

 

 

 

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Balancing tradition with innovation

Since Condé Nast India’s debut in 2007 with Vogue, followed by GQ, Condé Nast Traveller, and Architectural Digest, the company has evolved from a print-centric operation to a diversified media entity. Lodha’s tenure is marked by an emphasis on innovation, digital transformation, and maintaining the high standards that have defined Condé Nast’s global legacy.

As Lodha looks ahead, his strategy revolves around staying connected to cultural moments that resonate with consumers, like the GQ Men of the Year. The company also curates events and content to align with consumer interests. Lodha believes that in a world overwhelmed by information, the key to success lies in context and relevance.

As Condé Nast India navigates its next phase of growth, Lodha remains focused on blending tradition with innovation, ensuring the company remains a relevant force in the media landscape. The challenge now is not just to keep pace with the digital age but to set new benchmarks for what a modern media company can achieve.