Refinery29 has been through two rounds of layoffs and faces a tough ad market, but it has a plan to get profitable by 2020.
It’s doubling the number of shows it’s developing and has already sold 17 shows since the fall.
It’s also expanding its events and readership footprint outside the US.
Execs said the company made $100 million in 2018 and could double that.
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Women’s lifestyle publisher Refinery29 had raised $125 million as of 2016, when it was valued at $500 million, and investors like Turner swooned over its ability to reach millennial women who were turning away from linear TV.
But it’s still not profitable, despite going through two rounds of layoffs, in 2017 and fall 2018, when it had about 360 employees. Venture capitalists are losing interest in funding digital publishers, digital outlets have sold at fire-sale prices or lost value, and others are in various stages of seeking a buyer or merger partner to get profitable, industry watchers say.
But two of Refinery29’s cofounders and its co-CEOs, Philippe von Borries and Justin Stefano, aim to get the company into the black by 2020 by balancing advertising, now 70% of the business, with other sources of revenue.
Stefano said …read more
Source:: Businessinsider – Tech