1 00:00:06,680 --> 00:00:09,920 Speaker 1: Welcome to another episode of Strictly Business, the podcast in 2 00:00:09,960 --> 00:00:12,320 Speaker 1: which we speak with some of the brightest minds working 3 00:00:12,320 --> 00:00:17,599 Speaker 1: in media today. I'm Andrew Wallenstein with Variety. Pam Wasserstein 4 00:00:17,760 --> 00:00:20,720 Speaker 1: ran New York Media independently for the past three and 5 00:00:20,720 --> 00:00:23,319 Speaker 1: a half years, but going forward she'll be doing so 6 00:00:23,440 --> 00:00:26,280 Speaker 1: as part of Vox Media, which merged with her company 7 00:00:26,280 --> 00:00:29,920 Speaker 1: in November. Pam now finds herself part of a larger operation, 8 00:00:30,120 --> 00:00:32,040 Speaker 1: and she sat down with me earlier this month at 9 00:00:32,080 --> 00:00:35,120 Speaker 1: c ES to talk about what it all means. One 10 00:00:35,159 --> 00:00:38,400 Speaker 1: morning before we get started. We recorded the conversation not 11 00:00:38,560 --> 00:00:41,040 Speaker 1: too far from the trade show floor, so it's not 12 00:00:41,159 --> 00:00:44,440 Speaker 1: the cleanest audio, which you'll hear our conversation loud and clear. 13 00:00:45,159 --> 00:00:47,800 Speaker 1: Thanks for coming in, Pam. Thanks, I'm glad to be here. 14 00:00:48,200 --> 00:00:51,559 Speaker 1: Full disclosure, I actually worked at New York Magazine in 15 00:00:51,560 --> 00:00:53,960 Speaker 1: the early nine nineties as an intern, so it has 16 00:00:54,000 --> 00:00:57,880 Speaker 1: a very special place in my heart. That so I 17 00:00:58,120 --> 00:00:59,880 Speaker 1: was where I kind of learned to be a jar 18 00:01:00,000 --> 00:01:03,160 Speaker 1: on a list and it I feel like I have 19 00:01:03,240 --> 00:01:06,319 Speaker 1: a vested interest in where this brand is going. So 20 00:01:06,400 --> 00:01:10,520 Speaker 1: no pressure, but I was curious to yeah, I was 21 00:01:10,560 --> 00:01:14,399 Speaker 1: curious to hear how the integration is going UM, because 22 00:01:14,440 --> 00:01:17,840 Speaker 1: I would imagine that's a lot. Of course, it's a lot. Yeah, 23 00:01:18,440 --> 00:01:21,480 Speaker 1: but we're trying to do it UM thoughtfully, in a 24 00:01:21,520 --> 00:01:26,080 Speaker 1: considered manner, UM, but also expeditiously as well. So we 25 00:01:26,120 --> 00:01:28,840 Speaker 1: actually we announced the merger at the end of September, 26 00:01:28,880 --> 00:01:31,759 Speaker 1: and the merger didn't closed until early November. So we're 27 00:01:31,760 --> 00:01:34,600 Speaker 1: sitting here now it's eight weeks or so that we've 28 00:01:34,640 --> 00:01:37,440 Speaker 1: been a combined company. UM. But it really is feeling 29 00:01:37,440 --> 00:01:40,920 Speaker 1: like a combined company, which is pretty exciting. We have 30 00:01:41,120 --> 00:01:44,759 Speaker 1: so well, so we've combined our sales and marketing teams. UM, 31 00:01:44,959 --> 00:01:49,360 Speaker 1: we've combined ore and so we're here talking with marketers 32 00:01:49,640 --> 00:01:55,640 Speaker 1: UM at cs as you know, one combined offering. UM. 33 00:01:55,680 --> 00:02:00,600 Speaker 1: We've combined our technology and product teams and our core 34 00:02:00,680 --> 00:02:06,880 Speaker 1: services really everything outside of editorial. What was the rationale 35 00:02:06,960 --> 00:02:09,919 Speaker 1: for doing this? I mean you were you know, we 36 00:02:09,919 --> 00:02:14,040 Speaker 1: should give some background here. Your family owned this business 37 00:02:14,120 --> 00:02:16,960 Speaker 1: for about fifteen years, and I'm sure throughout that time 38 00:02:16,960 --> 00:02:21,600 Speaker 1: there's been various times where maybe you thought about combining forces, 39 00:02:21,639 --> 00:02:26,280 Speaker 1: acquiring something else getting acquired. What changed, uh, what changed 40 00:02:26,320 --> 00:02:30,800 Speaker 1: was the strength of this opportunity UM. It when I 41 00:02:30,800 --> 00:02:33,240 Speaker 1: looked at what this combined company could be and started 42 00:02:33,240 --> 00:02:35,440 Speaker 1: to talk about it with UM. Jim bank Off, the 43 00:02:35,480 --> 00:02:40,200 Speaker 1: CEO of OX, it was pretty clear that UM we 44 00:02:40,400 --> 00:02:46,679 Speaker 1: could combined be basically the best modern media company UM, 45 00:02:46,720 --> 00:02:49,080 Speaker 1: and that was really exciting proposition. That was where I 46 00:02:49,120 --> 00:02:53,680 Speaker 1: think each of us had been heading independently on similar tracks, 47 00:02:53,720 --> 00:02:56,200 Speaker 1: and so this looked like a way to get there 48 00:02:56,200 --> 00:02:59,639 Speaker 1: faster and better. But does it also speak to sort 49 00:02:59,680 --> 00:03:02,160 Speaker 1: of the marketplace and where it is right now? It's 50 00:03:02,240 --> 00:03:06,359 Speaker 1: it's not easy, particularly on the advertising side in digital 51 00:03:06,400 --> 00:03:10,240 Speaker 1: in particular, print is not an easy business. So our 52 00:03:10,320 --> 00:03:13,280 Speaker 1: market conditions just as responsible for sort of pushing you 53 00:03:13,320 --> 00:03:17,880 Speaker 1: towards this deal. Well, our UM we are coming from 54 00:03:17,880 --> 00:03:20,800 Speaker 1: a position of strength. We've done a lot of work 55 00:03:20,800 --> 00:03:23,639 Speaker 1: over the last couple of years UM in our company 56 00:03:23,720 --> 00:03:28,119 Speaker 1: in New York Media to diversify our business, also expand 57 00:03:28,360 --> 00:03:33,840 Speaker 1: our advertising business. We have an audience UM that's quite 58 00:03:33,919 --> 00:03:39,960 Speaker 1: attractive and valuable to marketers. It's like really engaged. That's UM, 59 00:03:40,080 --> 00:03:44,600 Speaker 1: you know, addressing their passion points when they come to us. 60 00:03:44,840 --> 00:03:50,960 Speaker 1: That's UM demographically attractive, and so does Fox. So you know, 61 00:03:51,040 --> 00:03:55,400 Speaker 1: our advertising business growing really well. Actually, UM and our 62 00:03:55,560 --> 00:03:58,720 Speaker 1: entire business just on the New York side grew over 63 00:03:59,680 --> 00:04:03,080 Speaker 1: this year and revenue so UM. And that's through both 64 00:04:03,120 --> 00:04:06,560 Speaker 1: growth and advertising and then diversification in certain areas, so 65 00:04:06,680 --> 00:04:09,640 Speaker 1: it wasn't so much a pressure. But that said, there 66 00:04:09,720 --> 00:04:13,240 Speaker 1: is absolutely opportunity and scale and there are things UM 67 00:04:13,280 --> 00:04:16,360 Speaker 1: that we can do collectively an offer to the market 68 00:04:16,520 --> 00:04:19,000 Speaker 1: that we wouldn't individually be able to do it quite 69 00:04:19,000 --> 00:04:21,920 Speaker 1: as well. So can you give an example of that, well, 70 00:04:22,080 --> 00:04:24,920 Speaker 1: something like UM using first party data for example, if 71 00:04:24,920 --> 00:04:27,279 Speaker 1: you're targeting and a significant you know, in a scaled 72 00:04:27,400 --> 00:04:31,719 Speaker 1: solution kind of a way as obvious UM example, we 73 00:04:31,839 --> 00:04:38,040 Speaker 1: can in the combined UM portfolio of brands, we're covering 74 00:04:38,400 --> 00:04:44,360 Speaker 1: every UM kind of major UM consumer topical area that's 75 00:04:44,400 --> 00:04:49,520 Speaker 1: of interest to UM, to audiences and to advertisers, and 76 00:04:49,800 --> 00:04:52,800 Speaker 1: you know, so we can really be like on one 77 00:04:52,839 --> 00:04:56,680 Speaker 1: stop shopping for marketers at this point. And is there 78 00:04:56,720 --> 00:05:01,520 Speaker 1: any areas of duplication brands or coverage areas where you 79 00:05:01,520 --> 00:05:05,960 Speaker 1: guys have to make some hard decisions. It's insanely complimentary, 80 00:05:06,160 --> 00:05:08,480 Speaker 1: like if you just line up our brands. So now 81 00:05:08,480 --> 00:05:12,680 Speaker 1: we have this portfolio of thirteen high quality editorial networks, 82 00:05:12,760 --> 00:05:16,000 Speaker 1: and in terms of even like top topic area, there's 83 00:05:16,120 --> 00:05:19,640 Speaker 1: very little duplication, you know, um New York side, we had, 84 00:05:19,680 --> 00:05:23,239 Speaker 1: for example of Vulture and The Cut right Um, outside 85 00:05:23,279 --> 00:05:27,480 Speaker 1: of New York Magazine, our biggest brands, UM and Vox 86 00:05:27,560 --> 00:05:29,760 Speaker 1: didn't have a women's site and Vox didn't have an 87 00:05:29,839 --> 00:05:33,720 Speaker 1: entertainment site, and UM you know the same back on, 88 00:05:33,960 --> 00:05:36,360 Speaker 1: like we didn't have a technology brand. We didn't have 89 00:05:36,800 --> 00:05:41,680 Speaker 1: So there is some topical duplication, um, something like Eater 90 00:05:41,839 --> 00:05:44,360 Speaker 1: and Grab Street for example, or we obviously both cover 91 00:05:44,480 --> 00:05:48,719 Speaker 1: politics quite a bit. But even you know, where there 92 00:05:48,839 --> 00:05:54,280 Speaker 1: is topical duplication, we were each um already had that 93 00:05:54,360 --> 00:05:58,240 Speaker 1: experience in our individual businesses, like when Game of Thrones 94 00:05:58,320 --> 00:06:02,000 Speaker 1: was on every all of our sites we're talking about 95 00:06:02,000 --> 00:06:03,760 Speaker 1: Game of Thrones, for example, or many of our sites 96 00:06:03,760 --> 00:06:07,680 Speaker 1: are talking about twenty election right now. And the point 97 00:06:07,720 --> 00:06:11,160 Speaker 1: of differentiation is that each brand understands itself and its 98 00:06:11,560 --> 00:06:14,960 Speaker 1: voice and sensibility really well, so that um, if the 99 00:06:15,000 --> 00:06:18,440 Speaker 1: Cut is talking about or The Cuts talking about Game 100 00:06:18,440 --> 00:06:20,839 Speaker 1: of Thrones, it's going to feel pretty different from the 101 00:06:20,880 --> 00:06:25,840 Speaker 1: way that like the Verge might be addressing or in 102 00:06:25,880 --> 00:06:28,880 Speaker 1: the New York portfolio than like Intelligence or would be 103 00:06:28,880 --> 00:06:33,400 Speaker 1: talking about. So UM, and it's exciting to say that 104 00:06:33,440 --> 00:06:36,080 Speaker 1: in a merger there's there are no layoffs, there's no 105 00:06:36,160 --> 00:06:39,240 Speaker 1: brand closures. It's really just about growth and opportunity. So 106 00:06:39,279 --> 00:06:43,640 Speaker 1: no layoffs. That's that's great and unusual, it is and 107 00:06:44,560 --> 00:06:48,680 Speaker 1: it's nice. Yes, And in instances where say like could 108 00:06:48,760 --> 00:06:52,239 Speaker 1: we see a grub Street and an eater now collaborate, 109 00:06:52,360 --> 00:06:55,200 Speaker 1: will there be some like brand let's call them alliances 110 00:06:55,279 --> 00:06:57,960 Speaker 1: or yeah, in in a couple of different ways. I 111 00:06:57,960 --> 00:07:00,600 Speaker 1: mean I should say that the starting point is editorial 112 00:07:00,720 --> 00:07:05,159 Speaker 1: independence and UM from each of the pre merger businesses, 113 00:07:05,240 --> 00:07:08,120 Speaker 1: like the editorial teams remain in the same reporting structure 114 00:07:08,160 --> 00:07:13,800 Speaker 1: that they were UM. That said, for UM advertising partners, 115 00:07:13,840 --> 00:07:16,720 Speaker 1: first of all, we can start to combine portfolios in 116 00:07:16,720 --> 00:07:20,000 Speaker 1: an interesting ways. So that's a good example of something 117 00:07:20,040 --> 00:07:25,640 Speaker 1: like UM Polygon, which covers gaming and entertainment and vulture, 118 00:07:26,480 --> 00:07:30,640 Speaker 1: you know, bringing those audiences together. UM. I think it 119 00:07:30,680 --> 00:07:34,760 Speaker 1: would be pretty interesting in the entertainment space. UM. And 120 00:07:34,800 --> 00:07:40,640 Speaker 1: then as far as editorial collaboration is UM concerned, I 121 00:07:40,680 --> 00:07:46,240 Speaker 1: think those their incremental opportunities. Yeah, that have big moments 122 00:07:46,280 --> 00:07:52,800 Speaker 1: across UM pieces of our portfolio. UM. That's something again 123 00:07:52,840 --> 00:07:56,680 Speaker 1: that just in the new York UM in the New 124 00:07:56,720 --> 00:08:01,680 Speaker 1: York media group, like we all ready did those kind 125 00:08:01,680 --> 00:08:04,880 Speaker 1: of big moments where we'll UM take a topic maybe 126 00:08:04,960 --> 00:08:08,120 Speaker 1: and perhaps there will be a print experience of it. 127 00:08:08,480 --> 00:08:10,800 Speaker 1: There will be you know, the Cup will be doing 128 00:08:10,800 --> 00:08:12,400 Speaker 1: a piece of it and Vulture will be doing a 129 00:08:12,440 --> 00:08:16,240 Speaker 1: piece of it. So that that comes pretty naturally to us. 130 00:08:17,320 --> 00:08:19,040 Speaker 1: So in a lot of ways, this is a very 131 00:08:19,080 --> 00:08:22,840 Speaker 1: seamless fit. I'm curious about culture though, does does Jim 132 00:08:22,840 --> 00:08:25,840 Speaker 1: bank off from a very different business and now you 133 00:08:25,840 --> 00:08:27,480 Speaker 1: guys got to get used to that or how does 134 00:08:27,520 --> 00:08:33,400 Speaker 1: that work? UM? It is a culture I'd say if 135 00:08:33,480 --> 00:08:36,400 Speaker 1: we felt that there was not a strong cultural fit here, 136 00:08:36,440 --> 00:08:38,360 Speaker 1: we would not have done this deal. I think culture 137 00:08:38,440 --> 00:08:42,640 Speaker 1: is essential to UM achieving the value in the merger, 138 00:08:43,120 --> 00:08:45,640 Speaker 1: and so that that was something that we looked at 139 00:08:45,679 --> 00:08:48,440 Speaker 1: pretty closely. But we also know each other's business is 140 00:08:48,440 --> 00:08:53,439 Speaker 1: pretty well and UM, so it was not surprising to 141 00:08:54,600 --> 00:08:58,719 Speaker 1: UM dive in a lamarder deeply and UM confirm what 142 00:08:58,760 --> 00:09:03,400 Speaker 1: we suspected, which there's a lot of UM cultural similarity. 143 00:09:03,640 --> 00:09:07,800 Speaker 1: It's a pretty similar group and you will continue to 144 00:09:07,920 --> 00:09:10,920 Speaker 1: oversee the New York piece of this, But is there 145 00:09:10,920 --> 00:09:13,400 Speaker 1: any other change and responsibility as far as what you 146 00:09:13,480 --> 00:09:16,240 Speaker 1: have to do going forward for me. UM. I'm so 147 00:09:16,360 --> 00:09:19,600 Speaker 1: I'm now president of vox Media, the combined company. UM. 148 00:09:20,240 --> 00:09:23,200 Speaker 1: We're on the board. I'm on the board UM working 149 00:09:23,240 --> 00:09:26,840 Speaker 1: on you know, strategy for the combined business UM and 150 00:09:26,880 --> 00:09:33,320 Speaker 1: then looking especially around consumer revenue opportunities and affiliated commerce 151 00:09:33,760 --> 00:09:39,080 Speaker 1: UM and just generally helping to UM make this you 152 00:09:39,080 --> 00:09:42,360 Speaker 1: know what we believe the stronger it will be. What 153 00:09:42,480 --> 00:09:48,599 Speaker 1: does it say about the combined entities attitude towards print media? UM? 154 00:09:48,600 --> 00:09:52,240 Speaker 1: How vital is that now for New York? Uh? Does 155 00:09:52,280 --> 00:09:55,640 Speaker 1: it do we do we read a combination of companies 156 00:09:55,679 --> 00:09:58,800 Speaker 1: like this as a hedge against maybe a limited future 157 00:09:58,880 --> 00:10:01,520 Speaker 1: or is it the opposite? All of a sudden, you know, 158 00:10:02,080 --> 00:10:06,520 Speaker 1: we're going to see either the magazine or something I think, UM, 159 00:10:06,559 --> 00:10:11,319 Speaker 1: you know, print New York magazine in print is a 160 00:10:11,559 --> 00:10:14,840 Speaker 1: really important touch point for us. But it's at this 161 00:10:14,880 --> 00:10:17,320 Speaker 1: point one of many ways in which are you know, 162 00:10:17,440 --> 00:10:23,959 Speaker 1: journalism and storytelling is consumed. UM. It's a kind of 163 00:10:26,440 --> 00:10:29,720 Speaker 1: physical way to interact with our with our brand and 164 00:10:29,720 --> 00:10:32,440 Speaker 1: our voice, and it's kind of a showcase really for 165 00:10:32,520 --> 00:10:36,080 Speaker 1: what we do and still in UM, a New York 166 00:10:36,120 --> 00:10:42,800 Speaker 1: like a cover for example, or a feature can drive 167 00:10:42,960 --> 00:10:49,520 Speaker 1: national cultural conversation for days. UM. So that remains critical. UM. 168 00:10:49,600 --> 00:10:52,880 Speaker 1: We you know, we believe in it. It's from a 169 00:10:52,920 --> 00:10:57,520 Speaker 1: business perspective, UM, it's not. It has not even in 170 00:10:57,559 --> 00:11:01,760 Speaker 1: the New York Man context. UM. At this our business 171 00:11:02,000 --> 00:11:08,360 Speaker 1: is very much more digital than print. So like whatever, 172 00:11:08,679 --> 00:11:13,400 Speaker 1: you know, the digital transformation of legacy print businesses, like 173 00:11:13,559 --> 00:11:16,400 Speaker 1: we've we've done that and we're like, well passed it 174 00:11:16,600 --> 00:11:21,800 Speaker 1: and into the UM post digital transformation future on the 175 00:11:21,840 --> 00:11:25,240 Speaker 1: new your brand. So UM, in that sense, there's not 176 00:11:25,320 --> 00:11:30,480 Speaker 1: really a difference. Um. So in in this new world, 177 00:11:31,320 --> 00:11:34,640 Speaker 1: it's sort of status quo. I think for print it's 178 00:11:34,920 --> 00:11:39,160 Speaker 1: we have no plans to do more print products. Um. 179 00:11:39,400 --> 00:11:44,480 Speaker 1: And but it's it's an anchor in a powerhouse. Sure. UM. 180 00:11:44,520 --> 00:11:48,120 Speaker 1: You also have some plans that are interesting beyond advertising 181 00:11:48,200 --> 00:11:52,760 Speaker 1: here in Hollywood. Uh, in terms of what you're doing 182 00:11:52,840 --> 00:11:57,719 Speaker 1: with content ideas that are generated from the magazine. UM, 183 00:11:57,920 --> 00:12:00,760 Speaker 1: talk a bit about you know, you just signed up 184 00:12:00,760 --> 00:12:03,920 Speaker 1: with WM for representation. What are the different things you're 185 00:12:03,960 --> 00:12:09,400 Speaker 1: doing to explore there? We UM had been for a 186 00:12:09,440 --> 00:12:12,360 Speaker 1: long time now. UM. The I P generated in New 187 00:12:12,440 --> 00:12:16,720 Speaker 1: York Magazine has been driving you know TV and UM 188 00:12:16,880 --> 00:12:22,680 Speaker 1: film adaptation. UM Hustlers, for example, is like from Jessica 189 00:12:22,760 --> 00:12:26,560 Speaker 1: Wrestler's work in New York Magazine, The Hustlers that scores UM. 190 00:12:26,600 --> 00:12:29,640 Speaker 1: But you know, going back to Saturday Night Fever, we 191 00:12:29,720 --> 00:12:34,200 Speaker 1: have this legacy of like going Hollywood with individual future stories. 192 00:12:34,240 --> 00:12:37,720 Speaker 1: In the last couple of years we have equal First 193 00:12:37,720 --> 00:12:41,679 Speaker 1: of all, UM gotten more focused on developing and producing 194 00:12:42,080 --> 00:12:47,240 Speaker 1: as well as just licensing a story UM and developing 195 00:12:47,280 --> 00:12:54,079 Speaker 1: around our brands and our franchises UM. So one UM 196 00:12:54,240 --> 00:12:59,320 Speaker 1: benefit of the merger is that Vox has Fox Media 197 00:12:59,480 --> 00:13:05,080 Speaker 1: had UM really focus on building a UM studio business, 198 00:13:06,200 --> 00:13:11,839 Speaker 1: and we UM with the New York I p UM 199 00:13:12,040 --> 00:13:15,600 Speaker 1: have the opportunity and are already like well well active 200 00:13:16,040 --> 00:13:21,920 Speaker 1: in leveraging the production capabilities at Vox Media Studios to 201 00:13:22,720 --> 00:13:27,880 Speaker 1: kind of amp up um our development. So Vox makes 202 00:13:27,920 --> 00:13:32,360 Speaker 1: shows about and sells them to the Netflix is of 203 00:13:32,400 --> 00:13:34,400 Speaker 1: the world. Yeah, and Vox already by the way, it 204 00:13:34,400 --> 00:13:37,520 Speaker 1: makes shows for a Netflix, shows for Hulu, ship really 205 00:13:37,559 --> 00:13:44,320 Speaker 1: every major streamer, UM, quild be, PBS, HBO, so, UM, 206 00:13:44,360 --> 00:13:47,120 Speaker 1: and we also have some projects generating. So it's a 207 00:13:47,160 --> 00:13:52,640 Speaker 1: really nice synergistic UM opportunity there and so then could 208 00:13:52,679 --> 00:13:54,800 Speaker 1: we see it were just to be clear like all over, 209 00:13:54,880 --> 00:13:57,360 Speaker 1: we're really excited about it, I would imagine, I mean 210 00:13:57,360 --> 00:13:59,560 Speaker 1: I would I would think there's a lot of upside. 211 00:13:59,559 --> 00:14:04,360 Speaker 1: There comes a real new revenue source done correctly, and 212 00:14:04,400 --> 00:14:07,280 Speaker 1: it was nice. You know, we were already again. It's 213 00:14:07,559 --> 00:14:09,640 Speaker 1: one of the many, many ways in which this is 214 00:14:09,800 --> 00:14:15,640 Speaker 1: a very like compromentary and yet um complementary and yet 215 00:14:15,760 --> 00:14:18,720 Speaker 1: like like minded opportunities. So by that, I mean like 216 00:14:18,840 --> 00:14:23,040 Speaker 1: we were already doing this thing andates and this accelerates 217 00:14:23,080 --> 00:14:25,440 Speaker 1: it in a significant way. Now you you have a 218 00:14:25,480 --> 00:14:28,520 Speaker 1: brother who is also involved in this part of the business. 219 00:14:28,560 --> 00:14:31,880 Speaker 1: Talk about what he's doing. So, oh yeah, my brother 220 00:14:32,160 --> 00:14:35,840 Speaker 1: Scoop Bosser Steen Um is an independent film and TV producer, 221 00:14:36,320 --> 00:14:39,000 Speaker 1: and he had been working on developing some projects with 222 00:14:39,120 --> 00:14:43,120 Speaker 1: us UM and producing and so he on the mostly 223 00:14:43,160 --> 00:14:48,120 Speaker 1: on the scripted side, UM and he's continuing to do 224 00:14:48,200 --> 00:14:51,160 Speaker 1: that in this new context. So I mean it's it's 225 00:14:51,160 --> 00:14:53,520 Speaker 1: also nice New York media kind of still remaining kind 226 00:14:53,520 --> 00:14:59,640 Speaker 1: of a family business. You know. Uh, that's great too. UM. 227 00:14:59,680 --> 00:15:03,000 Speaker 1: I wanted to ask as well about you know, sort 228 00:15:03,040 --> 00:15:06,360 Speaker 1: of taking a broader look at the print or or 229 00:15:06,680 --> 00:15:11,240 Speaker 1: print slash digital publishing space. Other companies like Conde Nast 230 00:15:11,320 --> 00:15:14,480 Speaker 1: and Hearst out there. You know, I'm curious what you 231 00:15:14,520 --> 00:15:17,600 Speaker 1: see for this broader space. Is there more consolidation on 232 00:15:17,800 --> 00:15:22,040 Speaker 1: the way or or are we underestimating what a lot 233 00:15:22,040 --> 00:15:28,720 Speaker 1: of these companies can do individually. UM. I think that UH, 234 00:15:29,240 --> 00:15:32,400 Speaker 1: magazine media it was, you know at this point, like 235 00:15:32,440 --> 00:15:35,880 Speaker 1: we're all we're media companies, right, and I P companies 236 00:15:35,920 --> 00:15:42,760 Speaker 1: brand companies, and the opportunity for businesses like those, I 237 00:15:42,800 --> 00:15:46,680 Speaker 1: think UM is that they you've kind of seen this 238 00:15:46,960 --> 00:15:50,040 Speaker 1: pendulum shift. I think in the market where a couple 239 00:15:50,080 --> 00:15:55,200 Speaker 1: of years ago kind of like bringing their hands and 240 00:15:55,280 --> 00:16:00,640 Speaker 1: oh my god, print blah blah. UM. Now actually there's 241 00:16:00,920 --> 00:16:04,920 Speaker 1: UM so much demand for high quality content, for trustworthy 242 00:16:05,120 --> 00:16:13,200 Speaker 1: journalism that UM and you know, engaging ideas and audiences 243 00:16:13,240 --> 00:16:17,800 Speaker 1: that care about something and trust someone that I think 244 00:16:17,840 --> 00:16:25,560 Speaker 1: you're seeing more UM interest and UM like respect in 245 00:16:25,600 --> 00:16:31,440 Speaker 1: a way for UM brands that really mean something to 246 00:16:31,600 --> 00:16:38,280 Speaker 1: consumers and that people UM seek out and value. So 247 00:16:38,480 --> 00:16:45,320 Speaker 1: I don't I'm pretty optimistic in the long term about 248 00:16:45,560 --> 00:16:51,520 Speaker 1: where UM that that there remain really attractive opportunities for 249 00:16:51,720 --> 00:16:58,320 Speaker 1: UM for companies that basically own UM high quality content. 250 00:16:59,480 --> 00:17:02,160 Speaker 1: What does it mean in the short term where in 251 00:17:02,160 --> 00:17:05,600 Speaker 1: the marketplace it looks like there isn't enough oxygen for 252 00:17:05,720 --> 00:17:09,359 Speaker 1: the digital advertising business at a time where you know, 253 00:17:09,440 --> 00:17:13,159 Speaker 1: the bigger companies are taking that revenue away. Well, I 254 00:17:13,200 --> 00:17:16,800 Speaker 1: think what I'm talking about is in part UM would 255 00:17:16,880 --> 00:17:22,160 Speaker 1: both point around advertising, which is that UM brands with 256 00:17:22,200 --> 00:17:26,080 Speaker 1: scale that consumers really care about can offer something different 257 00:17:26,160 --> 00:17:31,920 Speaker 1: for advertising, with expertise in content creation and curation and 258 00:17:32,320 --> 00:17:37,280 Speaker 1: storytelling can offer UM can offer things to marketers that 259 00:17:37,720 --> 00:17:43,400 Speaker 1: like platforms can't UM. And at the same time, UM, 260 00:17:43,760 --> 00:17:47,320 Speaker 1: do you think businesses we certainly I was on a 261 00:17:47,480 --> 00:17:52,480 Speaker 1: UM strategy, intentional strategy of investing in business diversification. I 262 00:17:52,480 --> 00:17:55,199 Speaker 1: think if you have a core asset that's like this 263 00:17:56,280 --> 00:18:01,840 Speaker 1: engage audience and this editorial perspective, there's that that absolutely 264 00:18:01,960 --> 00:18:06,359 Speaker 1: has potential as an advertising business, advertising driven business, but 265 00:18:06,400 --> 00:18:10,600 Speaker 1: it's not exclusively an advertising business. Like you can UM 266 00:18:11,280 --> 00:18:15,680 Speaker 1: ask your audience to pay to support what you do UM. 267 00:18:15,760 --> 00:18:17,680 Speaker 1: More and more people are And it's not to say 268 00:18:17,720 --> 00:18:21,840 Speaker 1: that like everyone every subscription business of launches is going 269 00:18:21,880 --> 00:18:25,280 Speaker 1: to be successful, but but some will be you know, 270 00:18:25,640 --> 00:18:30,639 Speaker 1: and UM A couple I mean to take Condeess like 271 00:18:31,359 --> 00:18:35,359 Speaker 1: the New Yorkers subscription business is now reportedly sort of 272 00:18:35,880 --> 00:18:40,879 Speaker 1: a real star of the conde As portfolio, whereas a 273 00:18:40,880 --> 00:18:43,800 Speaker 1: couple of years ago, UM it was had maybe less 274 00:18:43,800 --> 00:18:48,960 Speaker 1: opportunity advertising and was considered from the business perspective, less 275 00:18:49,000 --> 00:18:51,680 Speaker 1: of a focus perhaps. So you know, you do see 276 00:18:51,720 --> 00:18:57,320 Speaker 1: these shifts as people are figuring out where opportunities lie 277 00:18:57,840 --> 00:19:03,320 Speaker 1: in addition advertising or there additional subscription opportunities. Beyonce A. 278 00:19:03,520 --> 00:19:06,640 Speaker 1: You know what people pay for a print magazine? Is there? 279 00:19:06,680 --> 00:19:11,760 Speaker 1: Are you guys exploring ways to get more money? I mean, yeah, 280 00:19:12,560 --> 00:19:17,040 Speaker 1: that's well we should write, UM and we so in 281 00:19:17,040 --> 00:19:19,399 Speaker 1: New York we launched a digital subscription, as they said 282 00:19:19,480 --> 00:19:24,320 Speaker 1: about a year ago. UM, that's really a first um, 283 00:19:24,480 --> 00:19:28,080 Speaker 1: essential and important first step, but the first step in 284 00:19:28,960 --> 00:19:34,160 Speaker 1: UM working toward the kind of multi pronged consumer revenue strategy. 285 00:19:34,680 --> 00:19:41,200 Speaker 1: UM okay, UM. I'm also wondering, like you know, could 286 00:19:41,200 --> 00:19:45,440 Speaker 1: there have been an alternate universe where you guys would 287 00:19:45,560 --> 00:19:50,200 Speaker 1: have stayed independent? Would we see a company that would 288 00:19:50,200 --> 00:19:54,560 Speaker 1: have had to have changed radically in some way, shape 289 00:19:54,600 --> 00:19:57,040 Speaker 1: or form. Could you have kept going in the way 290 00:19:57,080 --> 00:20:01,760 Speaker 1: that you were? Um? Yes, absolutely, And but I think 291 00:20:01,800 --> 00:20:05,160 Speaker 1: that is because we have radically transformed our business, so 292 00:20:05,480 --> 00:20:09,000 Speaker 1: like I was already very match on the other side 293 00:20:09,040 --> 00:20:12,720 Speaker 1: of not only I guess I said earlier digital transformation, 294 00:20:12,880 --> 00:20:16,880 Speaker 1: but it's not just that as UM, like a business 295 00:20:16,920 --> 00:20:22,040 Speaker 1: model transformation and a revenue transformation. UM. You know, we've 296 00:20:22,080 --> 00:20:27,560 Speaker 1: taken our business from advertising a couple of years ago 297 00:20:27,760 --> 00:20:32,520 Speaker 1: to this year's my UM sixty percent advertising with substantial 298 00:20:32,560 --> 00:20:36,920 Speaker 1: growth and revenue across the board as well, So we 299 00:20:37,040 --> 00:20:42,119 Speaker 1: would have UM and we're, as I said, like making 300 00:20:42,200 --> 00:20:46,240 Speaker 1: additional steps toward new lines of revenue that I think 301 00:20:46,280 --> 00:20:50,240 Speaker 1: have potential to be quite significant, like for example, UM 302 00:20:50,359 --> 00:20:56,240 Speaker 1: television and film. So we in this UM combined business 303 00:20:56,400 --> 00:21:00,520 Speaker 1: we are super charging and accelerating those steps. But like 304 00:21:01,400 --> 00:21:05,080 Speaker 1: in the alternate universe, independent land, UM, I think we 305 00:21:05,119 --> 00:21:10,560 Speaker 1: would have continued on a path of UM thoughtful and 306 00:21:10,840 --> 00:21:16,840 Speaker 1: organic UM diversification as well as you know, obviously growth. 307 00:21:17,480 --> 00:21:20,119 Speaker 1: And the flip side of that question is, you know, 308 00:21:20,400 --> 00:21:23,679 Speaker 1: could we see perhaps Fox in New York continue to 309 00:21:23,800 --> 00:21:29,040 Speaker 1: bring in more scale, more brands, more companies. Is that 310 00:21:29,160 --> 00:21:33,240 Speaker 1: something that could be in the offing. Absolutely yeah, And UM, 311 00:21:33,400 --> 00:21:39,720 Speaker 1: I I think that we UM will approach acquisition opportunities 312 00:21:39,960 --> 00:21:46,480 Speaker 1: in a UM thoughtful and deliberate way. We're not interested 313 00:21:46,520 --> 00:21:49,080 Speaker 1: in scale for the sake of scale. UM. We have 314 00:21:50,000 --> 00:21:54,760 Speaker 1: a scaled business that kind of already provides the solutions 315 00:21:54,800 --> 00:21:59,040 Speaker 1: that one would want from scale, So UM it would 316 00:21:59,080 --> 00:22:00,560 Speaker 1: have to be more than that. They would have to 317 00:22:00,560 --> 00:22:04,399 Speaker 1: be cultural fit UM and probably accelerating something that we're 318 00:22:04,440 --> 00:22:09,080 Speaker 1: already trying to achieve strategically UM either and not necessarily 319 00:22:09,080 --> 00:22:11,520 Speaker 1: by the way, potentially in content, but potentially on the 320 00:22:11,600 --> 00:22:16,680 Speaker 1: technology side UM, where we you know, have a publisher 321 00:22:16,760 --> 00:22:22,320 Speaker 1: services business where we license our technology platform to UM. 322 00:22:22,520 --> 00:22:27,199 Speaker 1: Third partis you're out there potentially to buy but or 323 00:22:27,320 --> 00:22:30,560 Speaker 1: is there still a capacity to build new brands because 324 00:22:30,600 --> 00:22:32,639 Speaker 1: New York Magazine is actually done that very well in 325 00:22:32,720 --> 00:22:38,920 Speaker 1: recent years. Thank you, UM, And I to mention we 326 00:22:39,760 --> 00:22:42,600 Speaker 1: you know, the strategists we haven't really talked about specifically, 327 00:22:42,720 --> 00:22:45,719 Speaker 1: but that's our product recommendation site that we launched two 328 00:22:45,800 --> 00:22:48,960 Speaker 1: years ago and it's been a nice contributor again to 329 00:22:49,240 --> 00:22:53,280 Speaker 1: a revenue diversification model because the business there's built around 330 00:22:53,359 --> 00:22:57,600 Speaker 1: affiliate e commerce. UM. Yeah, I think we will never 331 00:22:57,920 --> 00:23:02,919 Speaker 1: like lose that muscle kind of taking something that just 332 00:23:03,080 --> 00:23:06,840 Speaker 1: to use the strategy as an example, UM, Okay, we 333 00:23:06,880 --> 00:23:10,159 Speaker 1: thought we'd have a business opportunity in that area. We 334 00:23:10,320 --> 00:23:13,520 Speaker 1: started to like test and learn the kind of content 335 00:23:13,600 --> 00:23:15,960 Speaker 1: that might live in a new brand UM around our 336 00:23:16,000 --> 00:23:20,160 Speaker 1: existing portfolio. UM. In other cases where we've launched a brand, 337 00:23:20,200 --> 00:23:24,080 Speaker 1: we've done tests in a different way. And maybe it's 338 00:23:24,200 --> 00:23:28,800 Speaker 1: like UM an advertising supported pop up for example, UM 339 00:23:28,840 --> 00:23:31,120 Speaker 1: that we like try very hard to sell because it's 340 00:23:31,119 --> 00:23:34,560 Speaker 1: a thing that we just want to get funded and test, 341 00:23:34,680 --> 00:23:40,960 Speaker 1: you know, really play with. UM. So I know UM 342 00:23:41,040 --> 00:23:45,000 Speaker 1: immediate plans to launch a new brand. UM, we're still 343 00:23:46,480 --> 00:23:50,480 Speaker 1: you know, acclimating to our world of like thirteen editorial 344 00:23:50,480 --> 00:23:53,680 Speaker 1: brands that we're currently publishing all of a sudden. UM. 345 00:23:53,720 --> 00:23:57,560 Speaker 1: But but I we have that muscle memory for sure 346 00:23:57,680 --> 00:24:01,040 Speaker 1: and capability. Is it possible that we'll see the existence 347 00:24:01,480 --> 00:24:04,520 Speaker 1: what we feel Vox Media in the pages of New 348 00:24:04,600 --> 00:24:08,000 Speaker 1: York Magazine Or is that that's its own separate world 349 00:24:08,160 --> 00:24:11,960 Speaker 1: and Vox can continue to do its thing digitally, it's 350 00:24:12,000 --> 00:24:15,199 Speaker 1: its own separate world. UM. At the same time, I 351 00:24:15,240 --> 00:24:19,199 Speaker 1: think there's a lot of respect and admiration on all 352 00:24:19,280 --> 00:24:24,800 Speaker 1: sides UM of the you know, among the journalists UM 353 00:24:24,800 --> 00:24:28,960 Speaker 1: working across the business and people are looking for opportunities 354 00:24:29,040 --> 00:24:32,240 Speaker 1: to collaborate UM. So we'll see what that looks. And 355 00:24:32,280 --> 00:24:36,359 Speaker 1: by the way, that can be potentially in magazine, it 356 00:24:36,359 --> 00:24:42,240 Speaker 1: can be potentially around like podcasts. We collectively UM have 357 00:24:42,320 --> 00:24:47,200 Speaker 1: a podcast network with two podcasts right now, UM including 358 00:24:47,200 --> 00:24:53,040 Speaker 1: a bunch of you know, really like market leading UM series. 359 00:24:53,119 --> 00:24:56,160 Speaker 1: So yeah, there are a lot of ways that UM 360 00:24:56,359 --> 00:25:01,520 Speaker 1: collaboration can happen. I think it will. But you mentioned 361 00:25:01,520 --> 00:25:04,800 Speaker 1: the Strategist and it's commerce driven content. I mean that's 362 00:25:04,800 --> 00:25:07,439 Speaker 1: obviously a sort of a hot trend right now. Is 363 00:25:07,480 --> 00:25:10,640 Speaker 1: that something we could see more outside of the Strategist 364 00:25:10,680 --> 00:25:13,880 Speaker 1: and other brands? Is that a mandate for you? It's 365 00:25:13,880 --> 00:25:16,800 Speaker 1: something I'm looking at closely for sure. UM in the 366 00:25:17,320 --> 00:25:22,879 Speaker 1: Box premarterer of Box Media portfolio, UM Diverge in particular, 367 00:25:23,040 --> 00:25:27,960 Speaker 1: does you know, does reviews and does UM UM it 368 00:25:28,000 --> 00:25:32,119 Speaker 1: gets really you know, authoritative around an in event like 369 00:25:32,400 --> 00:25:36,679 Speaker 1: Prime Day or Black Friday, and it's there's UM I 370 00:25:36,720 --> 00:25:39,920 Speaker 1: think a deep expertise there as there is an product 371 00:25:39,920 --> 00:25:45,520 Speaker 1: in different ways and UM everywhere from like Espionation on 372 00:25:45,560 --> 00:25:51,480 Speaker 1: the sports side to UM Curved and UM Decor and 373 00:25:51,560 --> 00:25:55,640 Speaker 1: so they're just being thoughtful around none of those UM 374 00:25:55,800 --> 00:26:00,000 Speaker 1: properties are going to like change into a product recommen 375 00:26:00,080 --> 00:26:02,840 Speaker 1: daition site. They have other missions. But to the extent 376 00:26:03,160 --> 00:26:08,399 Speaker 1: that UM you know, talking about products, recommending products, UM, 377 00:26:08,920 --> 00:26:15,240 Speaker 1: helping their audiences navigate things to buy and things to 378 00:26:15,480 --> 00:26:19,920 Speaker 1: do UM is part of their mission, then we can 379 00:26:19,960 --> 00:26:25,320 Speaker 1: take the learnings from the strategist where you know, just 380 00:26:25,359 --> 00:26:30,040 Speaker 1: for contact this year we will have driven in starry 381 00:26:32,000 --> 00:26:37,080 Speaker 1: we drove something like two million dollars of UM you know, 382 00:26:38,880 --> 00:26:44,360 Speaker 1: revenue for UM products that we recommended. So it's you know, 383 00:26:44,600 --> 00:26:47,640 Speaker 1: it's a substantial business where we have now a lot 384 00:26:47,680 --> 00:26:50,639 Speaker 1: of data about like what works and what doesn't, and 385 00:26:50,680 --> 00:26:56,399 Speaker 1: we're able to take that information UM to make the 386 00:26:56,440 --> 00:27:00,919 Speaker 1: strategist better, but also bring it yeah, us all of 387 00:27:00,920 --> 00:27:03,680 Speaker 1: the networks. By the way, we're also able to take 388 00:27:03,720 --> 00:27:07,959 Speaker 1: that information and bring our learnings to our advertising partners too, 389 00:27:08,040 --> 00:27:12,240 Speaker 1: because you know, even at this point, like brand marketing 390 00:27:12,920 --> 00:27:16,160 Speaker 1: is also performance marketing, right like you need and so 391 00:27:16,280 --> 00:27:20,960 Speaker 1: to the extent that we have this UM proprietary information 392 00:27:21,000 --> 00:27:25,520 Speaker 1: around where commerce and content are intercepting and how that 393 00:27:25,600 --> 00:27:30,680 Speaker 1: can work really well, UM, we can share that with partners. Okay, well, 394 00:27:30,720 --> 00:27:34,320 Speaker 1: it sounds like is gonna be a real transition for you, um, 395 00:27:34,359 --> 00:27:37,520 Speaker 1: but wish you the best with that. Thanks for coming 396 00:27:37,520 --> 00:27:40,280 Speaker 1: in today and talking. I appreciate it. Thanks for everything. 397 00:27:42,760 --> 00:27:45,960 Speaker 1: This has been another episode of Strictly Business. Tune in 398 00:27:46,040 --> 00:27:49,560 Speaker 1: next week for another helping of scintillating conversation with media 399 00:27:49,640 --> 00:27:52,560 Speaker 1: movers and shakers, and please make sure you subscribe to 400 00:27:52,600 --> 00:27:56,679 Speaker 1: the podcast to hear future episodes. Also, leave a review 401 00:27:56,720 --> 00:27:58,840 Speaker 1: in Apple Podcast let us know how we're doing.