Refocusing the Refinery29 enterprise
Refinery29 generates income via three main companies: its analysis and consultancy arm, R29 Intelligence; its R29 Content material Studio; and its creator community, the R29 Expertise Cooperative.
In 2023, the writer introduced in round $30 million, down from $50 million in 2022, in accordance with The Wall Avenue Journal. It has a employees of roughly 100 full-time workers.
Its media enterprise is centered totally on direct-sold promoting and sponsorship, which is partially why the corporate plans to concentrate on increasing its occasions slate. The income it generates from programmatic promoting is “virtually a rounding error,” in accordance with Haik.
Beautycon, which takes place in November in Los Angeles, returned final 12 months for the primary time since 2019. Going ahead, the writer is trying to enhance its frequency—the occasion will make its New York debut within the first half of subsequent 12 months—and probably discover new cities, comparable to London, in accordance with Haik. Refinery29 can also be bringing again 29 Rooms, its marquee occasion, which can return in September 2025.
Along with this concentrate on experiential, the writer can also be trying to produce extra video, a channel for which promoting demand has remained robust. Specifically, it can look to construct out video choices round its franchises, comparable to Cash Diaries, Unbothered, Somos and Not Your Token Asian.
Coupled with this push into video, Refinery29 is hiring editors to develop its protection of ladies’s sports activities and present affairs. The previous has seen a surge in curiosity in latest months and can profit from the eye generated by the upcoming Paris Olympics, whereas the latter will concentrate on subjects like reproductive rights forward of the presidential election.
Sundial Media Group can also be trying to develop, each via inner funding and acquisition. Prime targets for acquisition might be these with robust convening energy, in accordance with Sundial CEO Kirk McDonald, who joined in April from GroupM.
Such titles will strengthen the Sundial industrial thesis, which goals to make use of editorial to construct model affinity after which drive customers towards occasions that supply blockbuster sponsorship alternatives.
“We’re searching for manufacturers with robust mental property, whose draw is so highly effective that they trigger folks to come back collectively bodily,” McDonald stated. “You tie that to our means to create on-line stock, and you’ll provide a holistic built-in alternative to entrepreneurs.”
