ΔE 19.7, loose: different enough that you should pick on purpose. Phoenician Purple is noticeably darker, cooler than Magenta.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 20). Phoenician Purple is noticeably darker, cooler than Magenta.
The same difference applies the other way round: Magenta is noticeably lighter, warmer.
ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.
See Magenta on the colour wheel See Phoenician Purple on the colour wheel
All matches: Magenta equivalents · Phoenician Purple equivalents